M1: Learner Manual
5. The Role of a Company Director
5.4. The Responsibilities of a Director in a Co-operative
Directors are responsible for ensuring the co-operative complies with its obligations under the CNL, including:
- keeping financial records - financial records must correctly record and explain its financial transactions, financial position and performance
- notifying co-operative changes - change of directors, secretary, CEO, registered address and rule changes must be notified to Fair Trading within 28 days
- maintaining registers - ensuring specified registers are maintained and are available for inspection by members and other persons as required
- reporting to members - provide financial reports to members within 5 months of the end of the co-operative’s financial year
- lodging annual returns - annual returns or reports are required to be lodged with Fair Trading within 5 months of the end of the co-operative’s financial year
- complying with rules - ensuring the co-operative operates in accordance with its rules.[1]