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CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 4 - Annual financial reporting to members  

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

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316A(1)  [ Members may elect how to receive financial report]  


A member of a company limited by guarantee may, by notice in writing to the company, elect to receive a hard copy or an electronic copy of the following reports:


(a) the financial reports;


(b) the directors ' reports;


(c) the auditor ' s reports.

316A(2)  [ Standing election]  


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)  [ Deadline for reporting to members]  


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, in accordance with the election, 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)  [ Small companies limited by guarantee (member direction under section 294A)]  


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, in accordance with the election, 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)  [ Strict liability offence]  


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 .


 



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