Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 319

(1)

A company, registered scheme or disclosing entity that has to prepare or obtain a report for a financial year under Division 1 must lodge the report with ASIC. This obligation extends to a concise report sent to members under section 314.

(2)

Subsection (1) does not apply to a small proprietary company that prepares a report in response to a shareholder direction under section 293 or an ASC direction under section 294.

(3)

The time for lodgment is:

(a)

within 3 months after the end of the financial year for a disclosing entity or registered scheme; and

(b)

within 4 months after the end of the financial year for anyone else.

(4)

Subsection (1) does not apply to a large proprietary company that is not a disclosing entity if:

(a)

the company was an exempt proprietary company on 30 June 1994; and

(b)

the company has continued to meet the definition of exempt proprietary company (as in force at 30 June 1994) at all times since that date; and

(c)

the company was a large proprietary company at the end of the first financial year that ended after 9 December 1995; and

(d)

the company's financial statements and financial reports for the financial year ending during 1993 and each later financial year have been audited before the deadline for reporting to members for that year; and

(e)

within 4 months after the end of the first financial year that ended after 9 December 1995, the company lodged with ASIC a notice that the company wanted subsection 317B(3), as in force at that time, to apply to the company. (ASIC may extend this period.)

Note: 9 December 1995 is the day on which the First Corporate Law Simplification Act 1995 commenced.

(5)

A company that has the benefit of subsection (4) must lodge with ASIC notice of any of the following events:

(a)

the resignation or retirement of the company's auditor

(b)

the appointment of a new auditor (including details of the new auditor).

The notice must be lodged within 14 days after the resignation, retirement or appointment.

(6)

For the purposes of paragraph (4)(d), the deadline for reporting to members is:

(a)

for a financial year to which this Part applies—the deadline for reporting to members under section 315; and

(b)

for an earlier financial year—the deadline for that year within the meaning of this Law as in force immediately before the commencement of this Part.