sec.270Who has to prepare annual financial reports and directors’ reports

sec.270 Who has to prepare annual financial reports and directors’ reports

(cf Corporations Act s 292 (1) ) A large co-operative must prepare a financial report and a directors’ report in accordance with this Part for each financial year. (cf Corporations Act s 292 (2) ) A small co-operative must prepare a financial report and a directors’ report if and as directed under section 271 or 272 . Small co-operatives—where no direction A small co-operative that is not the subject of a direction under either section 271 or 272 — is not required to prepare reports in accordance with this Part; and must comply with the requirements (if any) of the National Regulations regarding the preparation and provision of reports to members. The rules of a co-operative may provide for the preparation of financial reports that would be additional to those required by the National Regulations. (sec.270-ssec.1) (cf Corporations Act s 292 (1) ) A large co-operative must prepare a financial report and a directors’ report in accordance with this Part for each financial year. (sec.270-ssec.2) (cf Corporations Act s 292 (2) ) A small co-operative must prepare a financial report and a directors’ report if and as directed under section 271 or 272 . (sec.270-ssec.3) Small co-operatives—where no direction A small co-operative that is not the subject of a direction under either section 271 or 272 — is not required to prepare reports in accordance with this Part; and must comply with the requirements (if any) of the National Regulations regarding the preparation and provision of reports to members.

• (a) is not required to prepare reports in accordance with this Part; and
• (b) must comply with the requirements (if any) of the National Regulations regarding the preparation and provision of reports to members.