Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 293

Small proprietary company—shareholder direction

(1) Shareholders with at least 5% of the votes in a small proprietary company may give the company a direction to:

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

send them to all shareholders.

(2) The direction must be:

signed by the shareholders giving the direction; and

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:

that the financial report does not have to comply with some or all of the accounting standards;

that a directors' report or a part of that report need not be prepared;

that the financial report is to be audited.

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