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CORPORATIONS ACT 2001 - SECT 316A

Annual financial reporting to members of companies limited by guarantee

             (1)  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.

             (2)  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.

             (3)  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.

             (4)  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.

             (5)  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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