299Initial appointment of auditor of large co-operative

299 Initial appointment of auditor of large co-operative

299 Initial appointment of auditor of large co-operative

(cf Corporations Act s 327A)

(1) The directors of a large co-operative must appoint an auditor of the co-operative within one month after the day on which it is registered as a co-operative unless the co-operative at a general meeting has appointed an auditor.

(2) Subject to this Part, an auditor appointed under subsection (1) holds office until the co-operative’s first annual general meeting.

(3) A director of a co-operative must take all reasonable steps to comply with, or to secure compliance with, subsection (1).

Maximum penalty—$2,500 or imprisonment for 6 months, or both.