207K Companies with fewer than 10 shareholders may opt in


This section applies to a company (other than a large company) with fewer than 10 shareholders.


A shareholder of the company who holds, or shareholders of the company who together hold, not less than 5% of the voting shares may, by written notice given to the company within the opting period but not later than 5 working days before the end of that period, require the company to comply with 1 or more of the following provisions in relation to the accounting period:


section 201 or 202 (preparation of financial statements or group financial statements):


section 207 (audit requirement):


section 208 (obligation to prepare annual report).


If a notice is given under subsection (2) in relation to a provision and an accounting period, the provision applies to the company in relation to that period.

Section 207K: inserted, on 1 April 2014, by section 30 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).