Singapore legislation
Section 98
Section 98
Financial year
(1)
A VCC’s financial year is determined as follows:
the VCC’s first financial year starts on the VCC’s date of incorporation and (subject to subsection (3)) ends on the last day of the VCC’s first financial year as provided under section 16(2)(d);
each of the VCC’s subsequent financial years starts immediately after the end of the previous financial year and ends on the last day of a period of 12 months (or such other regular interval as the Registrar may allow).
(2)
A VCC’s first financial year must not be longer than 18 months unless the Registrar on the application of the VCC otherwise approves.
(3)
Despite subsection (1), but subject to subsections (4) and (5), a VCC may, by notice lodged with the Registrar in the prescribed form, specify a new date as the last day of the VCC’s financial year to apply to its previous or current financial year.
(4)
The Registrar’s approval must be obtained if the notice mentioned in subsection (3) —
results in a financial year being longer than 18 months; or
is lodged less than 5 years after the end of an earlier financial year, if the end of that earlier financial year was changed under this section.
(5)
The notice in subsection (3) cannot specify a new date as the last day of the VCC’s financial year —
after the expiry of the period under section 77 within which an annual general meeting of the VCC must be held after that financial year;
after the expiry of the period under section 97 within which an annual return of the VCC must be lodged with the Registrar after that financial year; or
after the expiry of the period under section 105 within which a copy of the financial statements, or consolidated financial statements and balance sheet, and other documents mentioned in section 105(1) and (2) are required to be sent to all persons entitled to receive notice of general meetings of the VCC.