New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 248

248 Financial year

(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.