Who has to prepare annual financial reports and directors’ reports
270 Who has to prepare annual financial reports and directors’ reports
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.
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.
Small co-operatives—where no direction A small co-operative that is not the subject of a direction under either section 271 or 272—
is not required to prepare reports in accordance with this Part; and
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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