Appointment by directors or annual general meeting of auditor of large co‑operative to fill casual vacancy (cf Corporations Act section 327C)
301 Appointment by directors or annual general meeting of auditor of large co‑operative to fill casual vacancy (cf Corporations Act section 327C)
If—
a vacancy occurs in the office of auditor of a large co‑operative; and
the vacancy is not caused by the removal of an auditor from office; and
there is no surviving or continuing auditor of the co‑operative, the directors must, within one month after the vacancy occurs, appoint an auditor to fill the vacancy unless the co‑operative at a general meeting has appointed an auditor to fill the vacancy.
An auditor appointed under subsection (1) holds office, subject to this Part, until the co‑operative's next annual general meeting.
A director of a large co‑operative must take all reasonable steps to comply with, or to secure compliance with, subsection (1).
Maximum penalty (for subsection (3)): $2 500 or imprisonment for 6 months, or both.
This Act’s bill:Second reading speech
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