Close Corporations Act, 1984 (Act No. 69 of 1984)Part VII : Accounting and Disclosure57. Financial year of corporation |
| (1) |
| (a) | A corporation shall fix a date on which, in each year, its financial year will end. |
| (b) | The financial year of a corporation shall be its annual accounting period. |
| (2) | The date referred to in subsection(1)(a) may, subject to the provisions of section 15(2), be changed by the corporation to any other date: Provided that the corporation may not change the date referred to in subsection(1)(a) more than once in any financial year. |
| (3) | Subject to any increase or reduction of the duration of a financial year by reason of the provisions of subsection (4), the duration of each financial year of a corporation shall be 12 months ending on the date or other date referred to in subsection (1)(a) or (2). |
| (4) | Notwithstanding the provisions of subsection (3)— |
| (a) | the first financial year of a corporation shall commence on the date of its registration and shall end on the date referred to in subsection(1)(a) occurring not less than 3 nor more than 15 months after the date of registration: Provided that the first financial year of a corporation converted from a company in terms of section 27, shall end on the date on which the financial year of the company would have ended had it not been so converted; and |
| (b) | in the case of a corporation which has in terms of subsection (2) changed the date referred to in subsection (1)(a), the financial year shall commence at the end of the previous financial year and shall end on the date as changed occurring not less than 3 nor more than 18 months after the end of that previous financial year. |