CORPORATIONS ACT 2001 - SECT 316A Annual financial reporting to members of companies limited by guarantee

CORPORATIONS ACT 2001 - SECT 316A

  (1)   A member of a company limited by guarantee may, by notifying the company (whether or not in writing), elect to receive 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 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 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 .