Western Australian Current Acts Western Australian Current Acts (1) Members with at
least 5% of the votes in a small co-operative may give the co-operative a
direction to —
(a)
prepare a financial report or directors’ report or both for a financial
year in accordance with all or specified requirements of this Part; and
(b)
report to members in accordance with the direction.
(2) The small
co-operative must comply with the direction.
Penalty for this subsection: a fine of $1 000.
(3) Despite The
Criminal Code section 23B(2), it is immaterial for the purposes of subsection
(2) that any event occurred by accident.
(4) The direction must
be —
(a)
signed by all members giving the direction; and
(b) made
no later than 12 months after the end of the financial year concerned.
(5) The direction may
specify all or any of the following —
(a) that
the financial report does not have to comply with some or all of the
accounting standards;
(b) that
a directors’ report or a part of that report need not be prepared in
accordance with this Part;
(c) that
the financial report is to be audited or reviewed.
(6) If the direction
specifies that the financial report is to be audited or reviewed, the
direction may specify that the audit or review is to be conducted —
(a) in
accordance with the Corporations Act Part 2M.3 Division 3 (as applying under
section 244U); or
(b) in
accordance with requirements prescribed by the regulations.
(7) The direction must
specify the date by which the co-operative must report to members.
(8) The date must be a
reasonable one in view of the nature of the direction.
(9) Despite anything
else in this Part, the date by which the small co-operative is to report to
members is the date specified in the direction.
[Section 244I inserted: No. 7 of 2016 s. 85.]