Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL AND SUSTAINABILITY REPORTING  

Division 1 - Annual financial reports, sustainability reports and directors ' reports  

Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .

SECTION 294   SMALL PROPRIETARY COMPANY - ASIC DIRECTION  

294(1)    
ASIC may give a small proprietary company a direction to comply with requirements of this Division and Divisions 3, 4, 5 and 6 for a financial year.

294(1A)    

An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .

294(2)    
The direction may be general or may specify the particular requirements that the company is to comply with.

294(3)    
The direction must specify the date by which the documents have to be prepared, sent or lodged. The date must be a reasonable one in view of the nature of the direction.

294(4)    
The direction must:

(a)    be made in writing; and

(b)    specify the financial year concerned; and

(c)    be made no later than 6 years after the end of that financial year.