33Business of general meetings

33 Business of general meetings

33 Business of general meetings

(1) The ordinary business of the annual general meeting of a large co-operative must be:

(a) to confirm minutes of the last preceding general meeting (whether annual or special); and

(b) to receive from the board, auditors or officers of the co-operative:

(i) the financial reports of the co-operative for the financial year;

(ii) a report on the state of affairs of the co-operative; and

(c) to approve any payments of fees to directors.

(2) The ordinary business of the annual general meeting of a small co-operative must be:

(a) to confirm minutes of the last preceding general meeting (whether annual or special); and

(b) to receive from the board, auditors or officers of the co-operative:

(i) the basic minimum financial statements for the co-operative for the financial year;

(ii) a report on the state of affairs of the co-operative;

(iii) a directors’ solvency resolution as to whether or not, in their opinion, there are reasonable grounds to believe that the co-operative will be able to pay its debts as and when they become due and payable; and

(c) to approve any payments of fees to directors.

Note 1—

A small co-operative must prepare and send to members minimum financial statements that are specified in regulation 3.10 of the National Regulations (these are referred as “basic minimum financial statements”). A co-operative may require more than the basic minimum financial statements to be provided to members and, if so, the additional financial statements should be specified in this rule.

Note 2—

If the small co-operative has consolidated gross assets of less than $250,000 and consolidated revenue of less than $750,000, the financial statement for the small co-operative need not include a cash flow statement (as provided in regulation 3.10 of the National Regulations).

Note 3—

A small co-operative may decide whether its financial statements are to be either audited or reviewed, or neither.

(3) The annual general meeting may also transact special business of which notice has been given to members under these rules.