308Nomination of auditor

308 Nomination of auditor

308 Nomination of auditor

(cf Corporations Act s 328B)

(1) Subject to this section, a co-operative may appoint an individual, firm or company as auditor of the co-operative at its annual general meeting only if a member of the co-operative gives the co-operative written notice of the nomination of the individual, firm or company for appointment as auditor—

(a) before the meeting was convened; or

(b) not less than 21 days before the meeting.

This subsection does not apply if an auditor is removed from office at the annual general meeting.

(2) If a co-operative purports to appoint an individual, firm or company as auditor of the co-operative in contravention of subsection (1)—

(a) the purported appointment is of no effect; and

(b) the co-operative is guilty of an offence.

Maximum penalty—$2,500.

(3) If a member gives a co-operative notice of the nomination of an individual, firm or company for appointment as auditor of the co-operative, the co-operative must send a copy of the notice to—

(a) each individual, firm or company nominated; and

(b) each auditor of the co-operative; and

(c) each person entitled to receive notice of general meetings of the co-operative;

and this is so whether the appointment is to be made at a meeting or an adjourned meeting referred to in section 302 or at an annual general meeting.

(4) The copy of the notice of nomination must be sent—

(a) not less than 7 days before the meeting; or

(b) at the time notice of the meeting is given.