New South Wales Consolidated Regulations

CO-OPERATIVES REGULATION 2005 - REG 13

13 Requirements for financial records and financial statements

(1) A co-operative is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of section 198F, Part 2F.3, sections 249K, 249V, 250PA, 250RA, 250S, 250SA and 250T and Parts 2M.2, 2M.3, 2M.4 and 2M.7 of the Corporations Act, subject to the following modifications:

(a) the modifications specified in the Co-operatives Act 1992 and Parts 1 and 2 of Schedule 3 to this Regulation,

(b) the provisions are to be read as if:

(i) any offence created in respect of those provisions were the offence set out in section 243 (1) of the Co-operatives Act 1992 , and

(ii) any penalty for the offence were the penalty set out in section 243 (1) of the Co-operatives Act 1992 ,

(c) the provisions apply subject to subclause (2).

Note: Part 3 of the Corporations (Ancillary Provisions) Act 2001 provides for the application of provisions of the Corporations Act 2001 of the Commonwealth and Part 3 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth as laws of the State in respect of any matter declared by a law of the State (whether with or without modification) to be an applied Corporations legislation matter for the purposes of that Part in relation to those Commonwealth provisions. Section 14 (2) of the Corporations (Ancillary Provisions) Act 2001 ensures that a declaration made for the purposes of Part 3 of that Act only operates to apply a provision of the Corporations legislation to a matter as a law of the State if that provision does not already apply to the matter as a law of the Commonwealth. If a provision referred to in a declaration already applies as a law of the Commonwealth, nothing in the declaration will affect its continued operation as a law of the Commonwealth.

(2) The directors of a co-operative, or the co-operative by a resolution passed at a general meeting, may authorise a member to inspect books of the co-operative.