Companies Act, 2008 (Act No. 71 of 2008)Chapter 2 : Formation, Administration and Dissolution of CompaniesPart C : Transparency, accountability and integrity of companies27. 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) | [Section 27(6) deleted by Act No. 3 of 2011] |