Document ID: chunk:federal_register_of_legislation:C2004A01041:clause:1b_247
Version: federal_register_of_legislation:C2004A01041
Segment Type: clause
Provision Reference: sch 1B cl 247
Character Range: 321086–322253

247  Determination of reporting units—Industrial Registrar initiative

 (1) The Industrial Registrar may only issue a certificate under section 245 on his or her initiative if the Registrar:
 (a) is satisfied that, to improve compliance with the accounting, auditing and reporting requirements of this Part, it is most appropriate for the organisation to be divided into reporting units on the basis set out in the certificate; and
 (b) is satisfied that the level of financial information that would be available to members under the proposed division into reporting units would be adequate and would be relevant to them; and
 (c) has complied with the prescribed procedure.

 (2) Where, in the Industrial Registrar's opinion, the rules of an organisation need to be altered to give effect to the establishment of the proposed reporting units under subsection (1), the Industrial Registrar may, by instrument, after giving the organisation an opportunity, as prescribed, to be heard on the matter, determine such alterations of the rules as are, in the Industrial Registrar's opinion, necessary to give effect to the establishment of the proposed reporting units.