20Application of Companies Act to financial years ending before commencement of Act

20 Application of Companies Act to financial years ending before commencement of Act

(1) The provisions of Division 2 of Part VI of the Companies Act 1981 (other than sections 267, 268, 273 and 275) apply in relation to a company, being a company incorporated under a previous law of the Territory with which the Companies Act 1981 corresponds, and to the directors of such a company, in relation to a financial year or financial years of the company that ended before the commencement of that Act and so apply as if:

(a) a requirement in any of those provisions (other than section 274) that an act or thing be done not less than 14 days before an annual general meeting of a company or, if no annual general meeting is held within the period within which it is required by section 240 to be held, not less than 14 days before the end of that period were a requirement that that act or thing be done within the period of 5 months (or, in the case of an exempt proprietary company, the period of 6 months) after the commencement of the Companies Act 1981;

(b) a reference in those provisions to the last financial year of a company were a reference to each financial year of the company that ended before the commencement of the Companies Act 1981;

(c) the reference in subsection 274(1) to each annual general meeting of the company were a reference to the annual general meeting at which accounts or group accounts are required by subsection (2) of this section to be laid before the company;

(d) a reference in those provisions to accounts or group accounts required by section 275 to be laid before a company at its annual general meeting were a reference to accounts or group accounts, as the case may be, required by subsection (2) of this section to be laid before a company at an annual general meeting; and

(e) a reference in subsection 276(1) to the preceding provisions of Division 2 included a reference to the provisions of subsection (2) of this section.

(2) The directors of a company to which subsection (1) applies shall cause to be laid before the first annual general meeting of the company held after the expiration of the period of 5 months or 6 months, as the case requires, referred to in paragraph (1)(a), in respect of each financial year of the company that ended before the commencement of the Companies Act 1981:

(a) a copy of the profit and loss account made out in accordance with subsection 269(1) of that Act;

(b) a copy of the balance sheet made out in accordance with subsection 269(2) of that Act;

(c) in the case of a company that, at the end of the relevant financial year, was not a holding company—a copy of the directors’ report made out in accordance with subsection 270(1) of that Act;

(d) in the case of a company that, at the end of the relevant financial year, was a holding company—a copy of the group accounts made out in accordance with subsection 269(3) of that Act and a copy of the directors’ report made out in accordance with subsection 270(2) of that Act in respect of the profit or loss and the state of affairs of the group of companies of the holding company as at the end of that financial year;