Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 4 - Annual financial reporting to members  

Note: This Division applies to reports relating to sub-funds of retail CCIVs in a modified form: see section 1232H .

SECTION 316A   ANNUAL FINANCIAL REPORTING TO MEMBERS OF COMPANIES LIMITED BY GUARANTEE  

316A(1)    

A member of a company limited by guarantee may, by notifying the company (whether or not in writing), elect to receive the following reports:

(a)    the financial reports;

(b)    the directors ' reports;

(c)    the auditor ' s reports.

316A(2)    
If a member makes an election in a financial year, the election:

(a)    is made by the member for that financial year; and

(b)    is a standing election made by the member for each later financial year until the member changes the election.

316A(3)    

If the company prepares a financial report or a directors ' report for a financial year, or obtains an auditor ' s report on the financial report, the company must send a copy of the report, free of charge, to each member who has made an election for that financial year by the earlier of:

(a)    21 days before the next AGM after the end of the financial year; and

(b)    4 months after the end of the financial year.

Note: For the deadline for holding an AGM, see section 250N .

316A(4)    

If a member direction is given to a small company limited by guarantee under section 294A after the end of a financial year, subsection (3) does not apply and the company must send a copy of the reports that the company prepares or obtains as a result of the direction to each member who has made an election for that financial year by the later of:

(a)    2 months after the date on which the direction was given; and

(b)    4 months after the end of the financial year.

316A(5)    
An offence based on subsection (3) or (4) is an offence of strict liability.

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