Close Corporations Act, 1984 (Act No. 69 of 1984)

If an accounting officer has in terms of section 62(3)(ii) or (iii) of the Act reported to the Registrar that the annual financial statements of the corporation concerned indicate that as at the end of the financial year concerned the corporation's liabilities exceed its assets or that the annual financial statements incorrectly indicate that as at the end of the financial year concerned the assets of the corporation exceed its liabilities, or that he has reason to believe that such an incorrect indication is given, and he finds that any subsequent financial statements indicate that the situation has changed or has been rectified and that the assets concerned then exceed the liabilities or that they no longer incorrectly indicate that the assets exceed the liabilities or that he no longer has reason to believe that such an incorrect indication is given, as the case may be, he may report accordingly to the Registrar.

[Regulation 21A inserted by regulation 1(c) of Notice No. R1447 dated 3 July 1987]