Document ID: chunk:federal_register_of_legislation:C2008C00460:clause:1_38:p1
Version: federal_register_of_legislation:C2008C00460
Segment Type: clause
Provision Reference: sch 1 cl 38 (pt 1/2)
Character Range: 18723–21366

38  Subsection 314(1)
Repeal the subsection, substitute:

 (1) A company, registered scheme or disclosing entity must report to members for a financial year by providing either of the following in accordance with subsection (1AA) or (1AE):
 (a) all of the following reports:
 (i) the financial report for the year;
 (ii) the directors' report for the year (see sections 298 to 300A);
 (iii) the auditor's report on the financial report;
 (b) a concise report for the year that complies with subsection (2).

 (1AA) A company, registered scheme or disclosing entity may provide the reports, or the concise report, for a financial year by doing all of the following:
 (a) sending, to each member who has made the election referred to in paragraph (1AB)(a):
 (i) a hard copy of the reports, or the concise report; or
 (ii) if the member has elected to receive the reports, or the concise report, as an electronic copy in accordance paragraph (1AB)(c)—an electronic copy of the reports, or the concise reports;
 (b) making a copy of the reports, or the concise report, readily accessible on a web site;
 (c) directly notifying, in writing, all members who did not make the election referred to in paragraph (1AB)(a) that the copy is accessible on the web site, and specifying the direct address on the web site where the reports, or the concise report, may be accessed.

Note: A direct address may be specified, for example, by specifying the URL of the reports or the concise report.

 (1AB) For the purposes of paragraph (1AA)(a), a company, registered scheme or disclosing entity must, on at least one occasion, directly notify in writing each member that:
 (a) the member may elect to receive, free of charge, a copy of the reports for each financial year, or a copy of the concise report for each financial year; and
 (b) if the member does not so elect—the member may access the reports, or the concise report, on a specified web site; and
 (c) if the member does so elect and the company, scheme or entity offers to send the report either as a hard copy or an electronic copy—the member may elect to receive the copy as either a hard copy or an electronic copy.

 (1AC) An election made under subsection (1AB) is a standing election for each later financial year until the member changes his, her or its election.

Note: The member may request, under section 316, the company, registered scheme or disclosing entity not to send them material under this section.

 (1AD) A member may, for the purposes of paragraph (1AA)(c) or subsection (1AB), be notified by electronic means only if the member has previously nominated that means as one by