THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

SECTION 293 SMALL PROPRIETARY COMPANY - SHAREHOLDER DIRECTION

293(1) [Shareholder direction]

Shareholders with at least 5% of the votes in a small proprietary company may give the company a direction to:

(a) prepare a financial report and directors' report for a financial year; and

(b) send them to all shareholders.

293(2) [Requirements for direction]

The direction must be:

(a) signed by the shareholders giving the direction; and

(b) made no later than 12 months after the end of the financial year concerned.

293(3) [Direction may specify certain matters]

The direction may specify all or any of the following:

(a) that the financial report does not have to comply with some or all of the accounting standards

(b) that a directors' report or a part of that report need not be prepared

(c) that the financial report is to be audited.