Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:301:p21
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 301 (pt 21/30)
Character Range: 1928013–1930754

copies of the current text of the following relevant transitional instruments or requirements are available for inspection and purchase:
 (a) each provision of an instrument mentioned in paragraph (b) or (c) of the definition of relevant transitional instrument or requirement in regulation 12.5.01 that is the subject of a determination or declaration under subregulation 12.5.02(1) or (2);
 (b) each ASIC transitional standard.
 (2) A failure to comply with subregulation (1) does not affect the operation of a relevant transitional instrument or requirement.

Part 12.6—Financial reporting by certain bodies corporate

12.6.01  Application of Part
 (1) This Part applies to a body corporate that is:
 (a) a transferring financial institution of a State or Territory; or
 (b) a company that is permitted to use the expression building society, credit society or credit union under section 66 of the Banking Act 1959.
 (2) This Part applies in relation to the following members of the body corporate:
 (a) members who hold only member shares;
 (b) if the body is a company limited by guarantee—the members of the company;
 (c) if the body is a company limited by shares and guarantee—the members of the company who do not hold shares in the company.

12.06.01A  Annual financial reporting
  For section 343 of the Act, the operation of Chapter 2M of the Act, in relation to a company limited by guarantee that is mentioned in paragraphs 12.06.01(2)(b) and (c), is modified by omitting subsections 314(1AAA) and 316(5) and section 316A of the Act.

12.6.02  Modification of certain provisions of Act
  For clause 38 of Schedule 4 to the Act, this Part modifies the application of section 314 of the Act in relation to the members of the body corporate.

12.6.03  Members etc may elect to receive reports
 (1) The body corporate may give notice to a member, or to an applicant for membership, of the body corporate that he or she may elect to receive:
 (a) the reports mentioned in paragraph 314(1)(a) of the Act; or
 (b) if the body corporate prepares concise reports mentioned in paragraph 314(1)(b) of the Act, those reports.
 (2) The notice must include a statement to the effect that:
 (a) a report mentioned in subregulation (1) sets out information about:
 (i) the financial position and performance of the body corporate; and
 (ii) the efficiency with which the body corporate is being managed; and
 (iii) the financial risks to which the body corporate is exposed; and
 (b) if the member does not elect to receive a report, the body corporate is not required to send copies of the reports or concise reports mentioned in subregulation (1) to the member; and
 (c) despite a member of the body corporate electing not to receive those