Initial appointment of auditor of large co‑operative
244ZL Initial appointment of auditor of large co‑operative
The directors of a large co‑operative must appoint an auditor of the co‑operative in accordance with subsection (2) 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.
An auditor appointed under subsection (1) must be —
a registered company auditor; or
a firm with at least one member who is a registered company auditor and is ordinarily resident in Australia; or
an authorised audit company.
Subject to this Part, an auditor appointed under subsection (1) holds office until the co‑operative’s first annual general meeting.
If a transferred co‑operative, before the commencement of this Act, had appointed a person to be its auditor and the person continues to be the co‑operative’s auditor, the directors of the co‑operative are taken to have complied with subsection (1).
Despite subsection (3) but subject to this Part, an auditor appointed in the circumstances set out in subsection (4) may continue to be the co‑operative’s auditor until the position is permanently vacated.
A director of a large co‑operative must take all reasonable steps to comply with, or to secure compliance with, subsection (1).
Penalty for this subsection: a fine of $2 500, or imprisonment for 6 months, or both.
[Section 244ZL inserted: No. 7 of 2016 s. 85.]
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