Section 218: Obligation to prepare annual report
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
218. Obligation to prepare annual report
(1) Subject to subsections (2) and (3), the Board of every company shall,
within 6 months after the balance sheet date of the company, prepare an
annual report on the affairs of the company during the accounting period
ending on that date.
(2) The shareholders of a private company or small private company may
resolve by unanimous resolution that this section shall not apply to the company, and from the date of that resolution, the Board shall not be required to
comply with this section and sections 219 to 221, provided that where any
shareholder during the period of 3 months after the company’s balance sheet
date in any year requests the Board in writing to comply with this section,
the Board shall comply with this section and sections 219 to 221 in relation
to the annual report next due and in relation to any subsequent year until any
further unanimous resolution is passed under this subsection.
(3) This section does not apply to a one person company.
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Questions this section answers
- Must my company prepare an annual report every year?
- Can a private company vote to stop preparing an annual report?