299
CurrentInitial appointment of auditor of large co-operative (cf Corporations Act s 327A)
Chapter 3Management and operation of co-operatives
Part 3.3Financial reports and audit
Division 11Financial years and half-years
Subdivision 2Appointment of auditors
299 Initial appointment of auditor of large co-operative (cf Corporations Act s 327A)
(1)
The directors of a large co-operative must appoint an auditor of the co‑operative within one month after the day on which it is registered as a co‑operative unless the co-operative at a general meeting has appointed an auditor.
(2)
Subject to this Part, an auditor appointed under subsection (1) holds office until the co-operative's first annual general meeting.
(3)
A director of a co-operative must take all reasonable steps to comply with, or to secure compliance with, subsection (1).
Maximum penalty: $2 500 or imprisonment for 6 months, or both.
This Act’s bill:Explanatory statement
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