Co-Operative Societies Act 2008
Part VIII Financial Disclosure and Audit
124. Annual financial statements
1. The directors of a society must place before the members at every annual meeting of members of the societyŚ
a. comparative financial statements, as prescribed, relating separately toŚ
i. the period that began on the date the society came into existence and ending not more than twelve months after that date, or, if the society has completed a financial year, the period that began immediately after the end of the last period for which financial statements were prepared and ended not more than twelve months after the beginning of that period; and
ii. the immediately preceding financial year;
b. the report of the auditor; and
c. any further information respecting the financial position of the society and the results of its operations required by the by-laws.
2. The financial statements mentioned in sub-paragraph (ii) of paragraph (a) of subsection (1) may be omitted if the reason for the omission is set out in the financial statement to be placed before the members or in a note attached hereto.