sec.286Member’s choices for annual financial information

sec.286 Member’s choices for annual financial information

(cf Corporations Act s 316 (1) ) A member may request the co-operative— not to send them the material required by section 284 ; or to send them a full financial report and the directors’ report and auditor’s report. A request may be a standing request or for a particular financial year. The member is not entitled to a report for a financial year earlier than the one before the financial year in which the request is made. (cf Corporations Act s 316 (2) ) The co-operative must comply with a request under subsection (1) (b)— within 7 days after the request is received; or by the deadline for reporting under section 285 ; whichever is later. (cf Corporations Act s 316 (3) ) When sending a full financial report, directors’ report and auditor’s report, the co-operative must do so free of charge unless the member has already received a copy of them free of charge. (cf Corporations Act s 316 (4) ) An offence based on subsection (2) or (3) is an offence of strict liability. Maximum penalty—$1,000 penalty units or imprisonment for 3 months, or both. (sec.286-ssec.1) (cf Corporations Act s 316 (1) ) A member may request the co-operative— not to send them the material required by section 284 ; or to send them a full financial report and the directors’ report and auditor’s report. A request may be a standing request or for a particular financial year. The member is not entitled to a report for a financial year earlier than the one before the financial year in which the request is made. (sec.286-ssec.2) (cf Corporations Act s 316 (2) ) The co-operative must comply with a request under subsection (1) (b)— within 7 days after the request is received; or by the deadline for reporting under section 285 ; whichever is later. (sec.286-ssec.3) (cf Corporations Act s 316 (3) ) When sending a full financial report, directors’ report and auditor’s report, the co-operative must do so free of charge unless the member has already received a copy of them free of charge. (sec.286-ssec.4) (cf Corporations Act s 316 (4) ) An offence based on subsection (2) or (3) is an offence of strict liability.

• (a) not to send them the material required by section 284 ; or
• (b) to send them a full financial report and the directors’ report and auditor’s report.
• (a) within 7 days after the request is received; or
• (b) by the deadline for reporting under section 285 ;