Document ID: chunk:federal_register_of_legislation:C2004A01041:clause:1b_265:p1
Version: federal_register_of_legislation:C2004A01041
Segment Type: clause
Provision Reference: sch 1B cl 265 (pt 1/2)
Character Range: 346128–348685

265  Copies of full report or concise report to be provided to members

 (1) A reporting unit must provide free of charge to its members either:
 (a) a full report consisting of:
 (i) a copy of the report of the auditor in relation to the inspection and audit of the financial records of the reporting unit in relation to a financial year; and
 (ii) a copy of the general purpose financial report to which the report relates; and
 (iii) a copy of the operating report to which the report relates; or
 (b) a concise report for the financial year that complies with subsection (3).

Note: This subsection is a civil penalty provision (see section 305).

 (2) A concise report may only be provided if, under the rules of the reporting unit, the committee of management of the reporting unit resolves that a concise report is to be provided.

 (3) A concise report for a financial year consists of:
 (a) a concise financial report for the year drawn up in accordance with the regulations; and
 (b) the operating report for the year; and
 (c) a statement by the auditor:
 (i) that the concise financial report has been audited; and
 (ii) whether, in the auditor's opinion, the concise financial report complies with the relevant Australian Accounting Standards; and
 (d) a copy of anything included under subsection 257(5), (6) or (7) in the auditor's report on the full report; and
 (e) a statement that the report is a concise report and that a copy of the full report and auditor's report will be sent to the member free of charge if the member asks for them.

 (4) If a member requests a copy of the full report and auditor's report, as mentioned in paragraph (3)(e), the reporting unit must send those reports to the person within 28 days of the request being made.

Note: This subsection is a civil penalty provision (see section 305).

 (5) The copies referred to in subsection (1) must be provided within:
 (a) if a general meeting of members of the reporting unit to consider the reports is held within 6 months after the end of the financial year—the period starting at the end of the financial year and ending 21 days before that meeting; or
 (b) in any other case—the period of 5 months starting at the end of the financial year.
A Registrar may, upon application by the reporting unit, extend the period during which the meeting referred to in paragraph (a) may be held, or the period set out in paragraph (b), by no more than one month.

Note: This subsection is a civil penalty provision (see section 305).

 (6) Where a reporting unit publishes a