New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 243

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.