Commonwealth Consolidated Acts

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Small company limited by guarantee--member direction

             (1)  Members with at least 5% of the votes in a small company limited by guarantee may give the company a direction to:

                     (a)  prepare a financial report and directors' report for a financial year; and

                     (b)  send them to members who have elected to receive them under section 316A.

             (2)  The direction must be:

                     (a)  signed by the members 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 or reviewed.

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