Corporations Act 2001
CCH Note: Division 1 is modified by the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
CCH Note: Section 293 is modified by the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
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)
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)
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.