Part 10 — Financial Disclosure
228 Annual financial statements to members
members at every annual meeting of members
(a) the following financial statements as prescribed:
(i) if the cooperative has not completed a financial period
and the meeting is held after the end of the first 6-month
period of that financial period, a financial statement for
the period that began on the date the corporation came
into existence and ended on a date not more than 6
months before the annual meeting;
(ii) if the cooperative has completed only one financial
period, a financial statement for that year;
(iii) if the cooperative has completed 2 or more financial
periods, comparative financial statements for the last 2
completed financial periods;
(iv) if the cooperative has completed one or more financial
periods but the annual meeting is held after 6 months has
expired in its current financial period, a financial
statement for that period that
(A) began at the commencement of its current financial
period, and
(B) ended on a date that occurred not more than 6
months before the annual meeting,
in addition to any statement s required under subclause
(ii) or (iii),
(b) the report of the auditor, if any, and
(c) any further information respecting the financial position of
the cooperative and the results of its operations required by
the articles, the bylaws or a unanimous agreement.
(2) If investment shareholders have a right to have an annual
meeting under section 115(1), the directors must place the
documents described in subsection (1) before the investment
shareholders at every annual meeting of investment shareholders.
(3) Notwithstanding subsection (1)(a)(iii), the financial statements
for the earlier of the 2 financial periods referred to in that subclause
may be omitted if the reason for the omission is set out in the
financial statements, or in a note to those statements, to be placed
before the members at an annual meeting of members and, in a case
to which subsection (2) applies, the investment shareholders at an
annual meeting of investment shareholders.