Penalties - co-operatives

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The Registrar can issue an infringement notice to a co-operative if it identifies breaches of certain sections of the Co-operatives National Law (CNL).

An infringement notice allows you to pay a fine for these breaches without an admission of guilt, rather than going to court.

The infringement amount is less than the maximum penalty a court can impose if it found you guilty.

The table below lists some of the penalty amounts for breaching certain obligations. For a full list of your legal obligations, refer to the Co-operatives National Law.

Section of the Co-operatives National Law

Obligation

Penalty for breaching obligation

s.116

A body corporate must make available to the board of directors a list of shareholders and shareholdings.

$500

s.120(2)

The board of a co-operative must ensure that the name of a person admitted to membership is recorded in the register of members within 28 days after the person is admitted to membership.

$500

s.212

A co-operative must keep registers of its members, directors, shares, loans, securities, co-operative capital units, and other records.

$500

s.214(6)

A co-operative must permit and assist its members to inspect its minutes, rules, annual reports and registers.

$500

s.214(8)

A co-operative must keep its minutes, rules, annual reports and registers available for inspection.

$500

s.216

A co-operative must give notice to the Registrar of the appointment or cessation of appointment of a person as a director, principal executive officer or secretary of the co-operative within 28 days of the appointment or cessation.

$500

s.217

A co-operative must furnish a full list of members at the request, and within the time specified, by the Registrar.

$500

s.219

A co-operative must furnish a special return at the request, and within the time specified, by the Registrar.

$500

s.220(4)

A body corporate which is formed or incorporated under another Act must not register any name which includes the words ‘Co-operative’ or ‘Co-op’.

$500

s.223

A co-operative’s name must appear on all business documents, publications and seal.

$500

s.226(1)

A co-operative must have a registered office.

$500

s.226(3)

A co-operative must, at its registered office, display a notice stating the name of the co-operative and identifying the premises as its registered office.

$500

s.226(4)

A co-operative must, no later than 28 days after changing the address of its registered office, give the Registrar written notice of the new address.

$500

s.265(2)

A co-operative must retain financial records for seven years after the transactions covered by the records are completed.

$625

s.289

A large co-operative must send its annual report to the Registrar within the required period.

$625

s.293

A small co-operative must send an annual report to the Registrar within the required period.

$250

s.290

A co-operative must lodge a half-year report within the required period.

$625


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