286Member's choices for annual financial information

286 Member's choices for annual financial information 1 Member's request (cf Corporations Act s 316(1)) A member may request the co-operative: (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 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. 2 Time for complying with request (cf Corporations Act s 316(2)) The co-operative must comply with a request under subsection (1)(b): (a) within 7 days after the request is received; or (b) by the deadline for reporting under section 285; whichever is later. 3 Reports to be sent free of charge (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. 4 Strict liability (cf Corporations Act s 316(4)) An offence based on subsection (2) or (3) is an offence of strict Maximum penalty: $1 000 penalty units or imprisonment for 3 months, or both.

Co-operatives (National Uniform Legislation) Act 2015 186