30. Annual financial statements

30. Annual financial statements (1) Each year, a company must prepare annual financial statements within six months after the end of its financial year, or such shorter period as may be appropriate to provide the required notice of an annual general meeting in terms of section 61(7). (2) The annual financial statements must- (a) be audited, in the case of a public company; or (b) in the case of any other profit or non-profit company – [Words preceding subpara. (i) substituted by s. 20 of Act 3/2011] (i) be audited, if so required by the regulations made in terms of subsection (7) taking into account whether it is desirable in the public interest, having regard to the economic or social significance of the company, as indicated by any relevant factors, including – [Subpara. (i) substituted by s. 20 of Act 3/2011] (aa) its annual turnover; (bb) the size of its workforce; or (cc) the nature and extent of its activities; or (ii) be either- (aa) audited voluntarily if the company‟s Memorandum of Incorporation, or a shareholders resolution, so requires or if the Company‟s board has so determined; or [Item (aa) substituted by s. 20 of Act 3/2011] (bb) independently reviewed in a manner that satisfies the regulations made in terms of subsection (7), subject to subsection (2A). [Item (bb) substituted by s. 20 of Act 3/2011] (2A) If, with respect to a particular company, every person who is a holder of, or has a beneficial interest in, any securities issued by that company is also a director of the company, that company is exempt from the requirements in this section to have its annual financial statements audited or independently reviewed, but this exemption –

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