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]