Co-operatives National Law (NSW)

This section deals with the situation in which a large co-operative fails to appoint an auditor under section 302 (2) or (3) (the auditor replacement failure).

The co-operative must give the Registrar written notice of the auditor replacement failure within the period of 7 days commencing on the day of the auditor replacement failure (the notification period).

If the co-operative gives the Registrar the notice required by subsection (2), the Registrar must appoint an auditor of the co-operative as soon as practicable after receiving the notice. This subsection has effect subject to section 306.

If the co-operative does not give the Registrar the notice required by subsection (2), the Registrar may appoint an auditor of the co-operative at any time—

after the end of the notification period; and

before the Registrar receives notice of the auditor replacement failure from the co-operative.

If the co-operative—

does not give the Registrar the notice required by subsection (2); and

gives the Registrar notice of the auditor replacement failure after the end of the notification period;

Subject to this Part, an auditor appointed under this section holds office until the co-operative’s next annual general meeting.