CORPORATIONS ACT 2001 - SECT 294A Small company limited by guarantee--member direction

CORPORATIONS ACT 2001 - SECT 294A

  (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.