Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 288

Division 4-Special Provisions Relating to Banking and Life Insurance
Corporations

288. (1) In this section ''prescribed corporation'' means-

   (a)  a banking corporation; or

   (b)  a corporation that is registered under the Life Insurance Act 1945.

(2) Subject to this section, this Part applies to and in relation to a
prescribed corporation that is a company or is a corporation that is a
subsidiary of the holding company of a group of companies.

(3) Where, under a law of the Commonwealth relating to banking, a prescribed
corporation is required to prepare accounts annually, accounts of the
corporation that comply with the provisions of that law shall be deemed to
comply with the provisions of this Act relating to accounts.

(4) Sub-section 270 (1) does not apply to or in relation to a prescribed
corporation or its directors.

(5) Where, under a law of the Commonwealth relating to life insurance, a
prescribed corporation is required to prepare accounts annually, the
prescribed corporation and the directors and auditors of the corporation shall
not be taken to have failed to comply with such of the provisions of this Part
as are applicable to it or them by reason only-

   (a)  that no accounts are laid before the annual general meeting of the
        corporation other than accounts that-

        (i)    comply with the provisions of that law; or

        (ii)   comply with such conditions as are specified by the Commission;
               or

   (b)  that, where accounts that comply with such conditions as are specified
        by the Commission are laid before the annual general meeting of the
        corporation, an auditor's report to the members on those accounts is
        not laid before that meeting.

(6) Sub-section 285 (3) does not apply to or in relation to the accounts of a
prescribed corporation that is registered under the Life Insurance Act 1945
where those accounts comply with that law.

(7) Where a company is a holding company of another corporation and is, under
section 269, required to cause group accounts to be made out, the company and
the directors and auditors of the company-

   (a)  shall not be taken to have failed to comply with the provisions of
        this Act relating to group accounts by reason only that the
        group accounts do not contain, whether separately or consolidated with
        other accounts, accounts of a prescribed corporation that is a
        corporation in the group of companies other than accounts that-

        (i)    comply with a law of the Commonwealth relating to the
               preparation of annual accounts of the prescribed corporation;
               or

        (ii)   in the case of a prescribed corporation registered under the
               Life Insurance Act 1945, comply with such conditions as are
               specified by the Commission;

   (b)  shall not be taken to have failed to comply with the provisions of
        sub-section 270 (2) by reason only that a directors' report made under
        that sub-section relates only to corporations in the
        group of companies other than prescribed corporations; and

   (c)  shall not be taken to have failed to comply with the provisions of
        sub-section 269 (4) or (5) or of section 285 by reason only that those
        provisions are not complied with in relation to
        prescribed corporations in the group of companies that are registered
        under the Life Insurance Act 1945.

(8) A prescribed corporation shall not be taken to have failed to comply with
section 274 in relation to an annual general meeting by reason only that it
does not send to a person entitled to receive notice of general meetings of
the company accounts or documents referred to in that section other than
accounts and documents so referred to that, in compliance with the provisions
of this Part, whether by the operation of this section or otherwise, are to be
laid before that annual general meeting.

(9) Where a prescribed corporation registered under the Life Insurance Act
1945, does not lay before its annual general meeting accounts and an auditor's
report that comply with the provisions of that Act, it shall lodge a copy of
those accounts and a copy of that report with the Commission on or before a
day that is not later than 9 months after the end of the period to which they
relate.