Corporations Amendment (Corporate Reporting Reform) Act 2010 (66 of 2010)

Schedule 1   Amendments relating to the Corporations Act 2001

Part 1   Main amendments

Corporations Act 2001

40   After section 316

Insert:

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.