Chapter 2: Formation, Administration and Dissolution of Companies
Part C: Transparency, accountability and integrity of companies
s27: Financial year of company
- (1) A company must have a financial year, ending on a date set out in the company's Notice of Incorporation, subject to any change made in terms of subsection (4).
- (2) The first financial year of a company:
- (a) begins on the date that the incorporation of the company is registered, as stated in its registration certificate; and
- (b) ends on the date set out in the Notice of Incorporation, which may not be more than 15 months after the date contemplated in paragraph (a).
- (3) The second and each subsequent financial year of a company:
- (a) begins when the preceding financial year ends; and
- (b) ends on the first anniversary of the date contemplated in paragraph (a), unless the financial year end has been changed as contemplated in subsection (4).
- (4) The board of a company may change its financial year end at any time, by filing a notice of that change, but:
- (a) it may not do so more than once during any financial year;
- (b) the newly established financial year end must be later than the date on which the notice is filed; and
- (c) the date as changed may not result in a financial year ending more than 15 months after the end of the preceding financial year.
- (5) Despite subsection (2)(b) or (3), the financial year of a company that has changed the date contemplated in subsection (1) ends on the date as changed.
- (6) Subsection (6) by section 18 of the Amendment Act 3 of 2011.
- (7) The financial year of the company is its annual accounting period.
Related Sections
No related sections.
Related Regulations
R25: Company financial year and accounting records
Related Notes
Guidance Note 1 of 2012: Change of financial year end