(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.