301Appointment by directors or annual general meeting of auditor of large co-operative to fill casual vacancy

301 Appointment by directors or annual general meeting of auditor of large co-operative to fill casual vacancy

301 Appointment by directors or annual general meeting of auditor of large co-operative to fill casual vacancy

(cf Corporations Act s 327C)

(1) If—

(a) a vacancy occurs in the office of auditor of a large co-operative; and

(b) the vacancy is not caused by the removal of an auditor from office; and

(c) there is no surviving or continuing auditor of the co-operative;

the directors must, within one month after the vacancy occurs, appoint an auditor to fill the vacancy unless the co-operative at a general meeting has appointed an auditor to fill the vacancy.

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

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

Maximum penalty (for subsection (3)): $2,500 or imprisonment for 6 months, or both.