Division 5Division 5 Financial statements, reports and audits
243 Requirements for financial records, statements and reports
(1) A co-operative must:(a) keep financial records and prepare financial statements and financial reports as required by the regulations, and(b) ensure that those financial statements and financial reports are audited in accordance with the regulations.Maximum penalty: 20 penalty units.
(2) Without limiting the matters for which regulations under this section may make provision, the regulations may make provision for or with respect to the following:(a) any matter for which provision is made by or under Part 2F.3, sections 249K and 249V and Chapter 2M of the Corporations Act (including the conferring of jurisdiction on a court of this State),(b) requiring financial statements to be prepared in accordance with any accounting standards in force for the purposes of Chapter 2M of the Corporations Act (with or without modifications specified in the regulations),(c) requiring the submission of financial statements and financial reports to the Australian Accounting Standards Board,(d) requiring the adoption by a co-operative of the same financial year for each entity that the co-operative controls,(e) prescribing the qualifications and the functions of auditors of the financial statements and financial reports of a co-operative and providing for the appointment, the holding of office by, the remuneration of and the removal of auditors,(f) the duties of directors of a co-operative in relation to the preparation, the auditing and the laying before meetings of members of financial statements and financial reports, including the reports to be prepared by directors in relation to those financial statements and financial reports,(g) the sending of copies of financial statements and financial reports to members.(3) (Repealed)
244 Power of Registrar to grant exemptions
(1) The Registrar may, by order in writing, exempt a co-operative or any class of co-operatives, any person or firm appointed or proposed to be appointed as an auditor or any other person from compliance with all or specified provisions of the regulations made for the purposes of this Part.(2) Any such exemption:(a) may be given subject to conditions, and(b) may be limited as to time, and(c) may be varied, suspended or revoked by the Registrar by a further order in writing.(3) An order under this section takes effect:(a) if it applies to a particular co-operative—when the order is served on the co-operative, or(b) if it applies to a class of co-operatives—when the order is published in the Gazette, or(c) if it applies to a person or firm—when the order is served on the person or firm.
245 Meaning of “entity” and “control”
In this Division, the terms entity and control have the same meanings in relation to a co-operative as they have under the Corporations Act in relation to a corporation.
The directors of a co-operative must make such disclosures in relation to the affairs of the co-operative and of any entity that the co-operative controls as may be required by the regulations.Maximum penalty: 20 penalty units.
247 Protection of auditors etc
(1) An auditor of a co-operative has qualified privilege in proceedings for defamation in respect of:(a) any statement that the auditor makes, orally or in writing, in the course of his or her duties as auditor, or(b) the giving of any notice, or the sending of any copy of financial statements, financial reports or a report, to the Registrar under this Act.(2) A person has qualified privilege in proceedings for defamation:(a) in respect of the publishing of any document prepared by an auditor in the course of the auditor’s duties and required by or under this Act to be lodged with the Registrar, whether or not the document has been so lodged, or(b) in respect of the publishing of any statement made by an auditor as mentioned in subsection (1).(3) This section does not limit or affect any right, privilege or immunity that an auditor or other person has, apart from this section, as defendant in proceedings for defamation.
(1) The financial year of a co-operative is to end on such day in each calendar year as is provided for by the rules of the co-operative.(2) The first financial year of a co-operative may extend from the date of its registration to a date not later than 18 months from the date of its registration.(3) On an alteration of the rules of a co-operative altering its financial year, the alteration may provide either that the financial year current at the date of alteration is to be extended for a period not exceeding 6 months or that the financial year next following the financial year that is so current is to be a period exceeding 12 months but not exceeding 18 months.