Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.