Clause 123

by deleting subsections (1) and (2) and substituting the following subsections:“(1) Notwithstanding section 203 and anything in its constitution, a company may, in such cases as may be specified by regulations and provided all the conditions so specified are complied with, send a summary financial statement instead of copies of the documents referred to in section 203(1) to members of the company.(2) Where a company sends to its members a summary financial statement under subsection (1), any member of the company, and any holder of a debenture, entitled to be furnished by the company with a copy of the documents referred to in section 203(3) may instead request for a summary financial statement.”;

by deleting the words “annual accounts and the directors’ report” in subsections (5) and (6)(a) and substituting in each case the words “annual financial statements or consolidated financial statements, and directors’ statement”;

by deleting paragraph (b) of subsection (6) and substituting the following paragraph:“(b)contain a statement by the company’s auditors, if any, of their opinion as to whether the summary financial statement is consistent with the financial statements or consolidated financial statements, and the directors’ statement and complies with the requirements of this section and any regulations made under subsection (9).”; (d)by inserting, immediately after subsection (6), the following subsection:“(6A) The directors of the company shall ensure that the summary financial statements comply with the requirements referred to in subsections (5) and (6).”; (e)by inserting, immediately after the words “this section” in subsection (7), the words “other than subsection (6A)”; and

by deleting subsection (8).