(1) Shareholders with at least 5% of the votes in a small proprietary company may give the company a direction to:
(a) prepare a financial report and directors' report for a financial year; and
(b) send them to all shareholders.
(2) The direction must be:
(a) signed by the shareholders giving the direction; and
(b) made no later than 12 months after the end of the financial year concerned.
(3) The direction may specify all or any of the following:
(a) that the financial report does not have to comply with some or all of the accounting standards;
(b) that a directors' report or a part of that report need not be prepared;
(c) that the financial report is to be audited.