Commonwealth Numbered Regulations

1991 No. 281 CORPORATIONS REGULATIONS (AMENDMENT) - REG 21

  21.1   The amendments of Schedule 5 of the Corporations Regulations made by
regulation 18 of these Regulations do not apply in relation to financial
statements made out by a company s directors:

   (a)  before the date on which this regulation commences; and

   (b)  in accordance with Schedule 5 to the Corporations Regulations as in
        force immediately before that date. (NOTE: Amendments of Schedule 5 to
        the Corporations Regulations are made by regulation 18 of these
        Regulations. A number of companies have already made out their
        financial statements for 1991 in anticipation of the amendments,
        rather than in accordance with the unamended version of Schedule 5.
        Regulation 1 gives legal effectiveness to statements made out in this
        manner by providing that the amendments in regulation 18 are taken to
        have commenced on 1 January 1991. However, there are also some
        companies that have made out their statements in accordance with the
        unamended version of Schedule 5. Those statements contain information
        that is inconsistent with the requirements of the amended version of
        the Schedule. The intention of regulation 21 is to ensure that no
        offence is committed in relation to the making out of financial
        statements before the date on which the regulation commences merely
        because a company s directors made out the statements in accordance
        with the unamended version of Schedule 5).