300Annual appointment at annual general meeting of auditor of large co-operative to fill vacancy

300 Annual appointment at annual general meeting of auditor of large co-operative to fill vacancy

300 Annual appointment at annual general meeting of auditor of large co-operative to fill vacancy

(1) Large co-operative required to appoint auditor

(cf Corporations Act s 327B (1))

A large co-operative must—

(a) appoint an auditor of the co-operative at its first annual general meeting; and

(b) appoint an auditor of the co-operative to fill any vacancy in the office of auditor at each subsequent annual general meeting.

Maximum penalty—$2,500.

(2) Tenure of auditor

(cf Corporations Act s 327B (2))

An auditor appointed under subsection (1) holds office until the auditor—

(a) dies; or

(b) is removed, or resigns, from office in accordance with section 310; or

(c) ceases to be capable of acting as auditor because of Division 2 of Part 2M.4 of the Corporations Act as applying under this Part; or

(d) ceases to be auditor under subsection (3), (4) or (5).

(3) Termination of appointment of individual auditor

(cf Corporations Act s 327B (2A))

An individual auditor ceases to be auditor of a large co-operative under this subsection if—

(a) on a particular day (the start day), the individual auditor—

(i) informs the Registrar of a conflict of interest situation in relation to the co-operative under section 324CA (1A) of the Corporations Act as applying under this Part; or

(ii) informs the Registrar of particular circumstances in relation to the co-operative under section 324CE (1A) of the Corporations Act as applying under this Part; and

(b) the individual auditor does not give the Registrar a notice, before the notification day (see subsection (6)), that that conflict of interest situation has, or those circumstances have, ceased to exist before the end of the period (the remedial period) of 21 days, or such longer period as the Registrar approves in writing, from the start day.

(4) Termination of appointment of audit firm

(cf Corporations Act s 327B (2B))