272Small co-operative – direction by Registrar (cf Corporations

272 Small co-operative – direction by Registrar (cf Corporations Act s 294) (1) The Registrar may give a small co-operative a direction to comply with all or specified requirements of this Division and Divisions 4, 5, 7, 8, 9 and 10 for a financial year. (2) The small co-operative must comply with the direction. (4) The direction may specify any or all of the matters referred to in section 271(3) and (4). (5) The direction may be general or may specify the particular requirements that the co-operative is to comply with. (6) 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. (7) The direction must: (a) be made in writing; and (b) specify the financial year concerned; and (c) be made no later than 6 years after the end of that financial year.

Co-operatives (National Uniform Legislation) Act 2015 170 Division 4 Annual financial reports 273 Contents of annual financial report (cf Corporations Act s 295) 1 Basic contents The financial report for a financial year consists of: (a) the financial statements for the year; and (b) the notes to the financial statements; and (c) the directors' declaration about the statements and notes. 2 Financial statements The financial statements for the year are: (a) the financial statements in relation to the entity reported on that are required by the accounting standards; and (b) if the accounting standards require financial statements in relation to a consolidated entity – the financial statements in relation to the consolidated entity that are required by the accounting standards. 3 Notes to financial statements The notes to the financial statements are: (a) disclosures required by the National Regulations; and (b) notes required by the accounting standards; and (c) any other information necessary to give a true and fair view (see section 275). 4 Directors' declaration The directors' declaration is a declaration by the directors: (a) whether, in the directors' 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 (b) whether, in the directors' opinion, the financial statements and notes are in accordance with this Law, including: (i) section 274; and (ii) section 275; and

Co-operatives (National Uniform Legislation) Act 2015 171 (c) if the co-operative has quoted securities – that the directors have been given the declarations required by section 295A of the Corporations Act (as applying under section 277). Note Section 295A of the Corporations Act (as applying under section 277) requires the chief executive officer and chief financial officer of a co-operative with quoted securities to make an additional declaration described in that section. 5 Directors' declaration – particular requirements The directors' declaration must: (a) be made in accordance with a resolution of the directors; and (b) specify the date on which the declaration is made; and (c) be signed by a director.