Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Act 2018 (106 of 2018)
Schedule 1 Amendments
Part 1 Main amendments
Corporations Act 2001
31 At the end of section 325
(2) The directors of a proprietary company must ensure that there is an auditor for the company at all times during the period:
(a) starting 1 month after:
(i) the time the company first raises a total equal to or exceeding the CSF audit threshold from all the CSF offers it has ever made; or
(ii) if the period starting because of subparagraph (i), or because of an earlier operation of this subparagraph, has ended - the time the company makes a later CSF offer; and
(b) when the company ceases to have any CSF shareholders at a later time in a particular financial year - ending when the company's financial report for that financial year has been audited.
(3) However, subsection (2) does not apply for any period of 1 month or less starting when a vacancy occurs in the office of auditor of the company (however that vacancy is caused).
(4) A director of a company must take all reasonable steps to comply with, or to secure compliance with, subsection (2).