Corporations Act 2001
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Hide history noteCCH Note: The application of Division 1 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Division 1, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .
CCH Note: Section 294A is modified by the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
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 .
294A(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.
294A(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.
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