Member’s choices for annual financial information
286 Member’s choices for annual financial information
Member’s request (cf Corporations Act s 316 (1))
A member may request the co-operative—
not to send them the material required by section 284; or
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.
Time for complying with request (cf Corporations Act s 316 (2))
The co-operative must comply with a request under subsection (1) (b)—
within 7 days after the request is received; or
by the deadline for reporting under section 285;
whichever is later.
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.
Strict liability (cf Corporations Act s 316 (4))
An offence based on subsection (2) or (3) is an offence of strict liability.
Maximum penalty—$1,000 penalty units or imprisonment for 3 months, or both.
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