Corporations Act 2001
CHAPTER 2M
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FINANCIAL REPORTS AND AUDIT
PART 2M.3
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FINANCIAL REPORTING
Division 1
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Annual financial reports and directors' reports
SECTION 293
SMALL PROPRIETARY COMPANY
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SHAREHOLDER DIRECTION
293(1)
[
Shareholder direction]
(a) prepare a financial report and directors ' report for a financial year; and
(b) send them to all shareholders. 293(2) [ Requirements for direction]
(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]
(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.
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]
(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.
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