CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 1 - Annual financial reports and directors' reports  

SECTION 294B   SMALL COMPANY LIMITED BY GUARANTEE - ASIC DIRECTION  

294B(1)   [ ASIC direction]  

ASIC may give a small company limited by guarantee a direction to comply with the requirements of this Division and Divisions 3, 4, 5 and 6 for a financial year.

294B(2)   [ Strict liability offence]  

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

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

294B(3)   [ General or specific requirements]  

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

294B(4)   [ Date]  

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.

294B(5)   [ Requirements for direction]  

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.

294B(6)   [ Direction not a legislative instrument]  

A direction given under subsection (1) is not a legislative instrument.


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