269Director access (cf Corporations Act s 290)

269 Director access (cf Corporations Act s 290) (1) A director of a co-operative has a right of access to the financial records at all reasonable times. (2) On application by a director, the Supreme Court may authorise a person to inspect the financial records on the director's behalf.

Co-operatives (National Uniform Legislation) Act 2015 167 (3) A person authorised to inspect records may make copies of the records unless the Supreme Court orders otherwise. (4) The Supreme Court may make any other orders it considers appropriate, including either or both of the following: (a) an order limiting the use that a person who inspects the records may make of information obtained during the inspection; (b) an order limiting the right of a person who inspects the records to make copies in accordance with subsection (3). Division 3 Annual financial reports and directors' reports 270 Who has to prepare annual financial reports and directors' 1 Large co-operatives – requirement to prepare reports in accordance with this Part (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. 2 Small co-operatives – requirement to prepare reports if directed to do so (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. 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: (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. Note 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.

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