Corporations Regulations 2001
The body corporate may give notice to a member, or to an applicant for membership, of the body corporate that he or she may elect to receive:
(a) the reports mentioned in paragraph 314(1)(a) of the Act; or
(b) if the body corporate prepares concise reports mentioned in paragraph 314(1)(b) of the Act, those reports. 12.6.03(2) [ Content requirements]
The notice must include a statement to the effect that:
(a) a report mentioned in subregulation (1) sets out information about:
(i) the financial position and performance of the body corporate; and
(ii) the efficiency with which the body corporate is being managed; and
(iii) the financial risks to which the body corporate is exposed; and
(b) if the member does not elect to receive a report, the body corporate is not required to send copies of the reports or concise reports mentioned in subregulation (1) to the member; and
(c) despite a member of the body corporate electing not to receive those reports or concise reports, or not making an election, the member may at any time elect to receive the relevant reports. 12.6.03(3) [ Election not made]
The member or applicant is taken not to have elected to receive a report if the body corporate has not received the election within 21 days of notice being given in accordance with subregulation (1).
12.6.03(4) [ Exemption from certain provisions]If the member elects not to receive the reports or concise reports mentioned in subregulation (1), or does not make an election, section 314 of the Act does not apply to the body corporate in relation to the member.
12.6.03(5) [ Exemption upon subsequent membership]If the applicant elects not to receive the reports or concise reports mentioned in subregulation (1), or does not make an election, section 314 of the Act does not apply to the body corporate in relation to the applicant if he or she becomes a member of the body corporate to whom this Part applies.
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