Provision of summary financial statement to members
203A.—(1)  Despite section 203 and anything in its constitution, a company may, in such cases as may be specified by regulations and provided all the conditions so specified are complied with, send a summary financial statement instead of copies of the documents referred to in section 203(1) to members of the company.
[36/2014]
(2)  Where a company sends to its members a summary financial statement under subsection (1), any member of the company, and any holder of a debenture, entitled to be furnished by the company with a copy of the documents referred to in section 203(3) may instead request for a summary financial statement.
[36/2014]
(3)  A summary financial statement need not be sent to any member of the company who does not wish to receive the statement.
(4)  Copies of the documents referred to in section 203(1) must be sent to any member of the company who wishes to receive them.
(5)  The summary financial statement must be derived from the company’s annual financial statements or consolidated financial statements, and directors’ statement and must be in such form and contain such information as may be specified by regulations.
[36/2014]
(6)  Every summary financial statement must —
(a)state that it is only a summary of information in the company’s annual financial statements or consolidated financial statements, and directors’ statement; and
(b)contain a statement by the company’s auditors (if any) of their opinion as to whether the summary financial statement is consistent with the financial statements or consolidated financial statements, and the directors’ statement and complies with the requirements of this section and any regulations made under subsection (9).
[36/2014]
(6A)  The directors of the company must ensure that the summary financial statements comply with the requirements referred to in subsections (5) and (6).
[36/2014]
(7)  If default is made in complying with this section other than subsection (6A) or any regulations made under subsection (9), the company and every officer of the company who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty.
[36/2014]
(8)  [Deleted by Act 36 of 2014]
(9)  The Minister may make regulations to give effect to this section, including making provision as to the manner in which it is to be ascertained whether a member of the company wishes to receive copies of the documents referred to in section 203(1) or does not wish to receive the summary financial statement under this section.