sec.271Small co-operative—direction by members (cf Corporations Act s 293 and s 315 (2) )

sec.271 Small co-operative—direction by members (cf Corporations Act s 293 and s 315 (2) )

(cf Corporations Act s 293 (1) ) Members with at least 5% of the votes in a small co-operative may give the co-operative a direction to— prepare a financial report or directors’ report or both for a financial year in accordance with all or with specified requirements of this Part; and send them to all members. (cf Corporations Act s 293 (2) ) The direction must be— signed by the members giving the direction; and made no later than 12 months after the end of the financial year concerned. (cf Corporations Act s 293 (3) ) The direction may specify all or any of the following— that the financial report does not have to comply with some or all of the accounting standards; that a directors’ report or a part of that report need not be prepared in accordance with this Part; that the financial report is to be audited or reviewed. Direction regarding auditing or review If the direction specifies that the financial report is to be audited or reviewed, the direction may specify that the audit or review is to be conducted— in accordance with Division 3 of Part 2M.3 of the Corporations Act (as applying under section 283 ); or in accordance with requirements prescribed by the National Regulations. Direction given during financial year If a direction is given to a small co-operative under this section before the end of the financial year, the direction must specify the date by which the documents have to be prepared, sent or lodged. The date must be a reasonable one in view of the nature of the direction. (cf Corporations Act s 315 (2) ) If a direction is given to a small co-operative under this section after the end of the financial year, the co-operative must report to members under section 284 by the later of— 2 months after the date on which the direction is given; and 5 months after the end of the financial year. (sec.271-ssec.1) (cf Corporations Act s 293 (1) ) Members with at least 5% of the votes in a small co-operative may give the co-operative a direction to— prepare a financial report or directors’ report or both for a financial year in accordance with all or with specified requirements of this Part; and send them to all members. (sec.271-ssec.2) (cf Corporations Act s 293 (2) ) The direction must be— signed by the members giving the direction; and made no later than 12 months after the end of the financial year concerned. (sec.271-ssec.3) (cf Corporations Act s 293 (3) ) The direction may specify all or any of the following— that the financial report does not have to comply with some or all of the accounting standards; that a directors’ report or a part of that report need not be prepared in accordance with this Part; that the financial report is to be audited or reviewed. (sec.271-ssec.4) Direction regarding auditing or review If the direction specifies that the financial report is to be audited or reviewed, the direction may specify that the audit or review is to be conducted— in accordance with Division 3 of Part 2M.3 of the Corporations Act (as applying under section 283 ); or in accordance with requirements prescribed by the National Regulations. (sec.271-ssec.5) Direction given during financial year If a direction is given to a small co-operative under this section before the end of the financial year, the direction must specify the date by which the documents have to be prepared, sent or lodged. The date must be a reasonable one in view of the nature of the direction. (sec.271-ssec.6) (cf Corporations Act s 315 (2) ) If a direction is given to a small co-operative under this section after the end of the financial year, the co-operative must report to members under section 284 by the later of— 2 months after the date on which the direction is given; and 5 months after the end of the financial year.