Clause 35

Subject to subsection (3), this section applies at any time, after the financial statements or, in the case of a parent business trust, consolidated financial statements and balance sheet are laid before the unitholders of the registered business trust at an annual general meeting of the unitholders.(2) Where this section applies, if it appears to the trustee‑manager of the registered business trust that the financial statements or, in the case of a parent business trust, consolidated financial statements or balance sheet do not comply with the requirements of this Act (including compliance with the Accounting Standards), the trustee‑manager may cause the financial statements, or consolidated financial statements or balance sheet (as the case may be) to be revised and make necessary consequential revisions to the summary financial statement or directors’ statement.(3) The revision of the financial statements, or consolidated financial statements or balance sheet (as the case may be) under subsection (2) must be confined to —

those aspects in which the financial statements, consolidated financial statements or balance sheet (as the case may be) did not comply with this Act (including compliance with the Accounting Standards); and

the making of any necessary consequential revisions.(4) Where the Authority has given the trustee‑manager of a registered business trust a notice under section 77B(1), the trustee‑manager must not cause the financial statements, or consolidated financial statements or balance sheet (as the case may be) to be revised unless the Authority agrees with the trustee-manager on the proposals to revise the financial statements, or consolidated financial statements or balance sheet (as the case may be) mentioned in section 77B(2)(b).(5) The Authority may make regulations under section 114 in respect of the revision of financial statements, consolidated financial statements, balance sheet, directors’ statement or summary financial statement, including but not limited to the following:

the manner of revision of financial statements, consolidated financial statements, balance sheet, directors’ statement or summary financial statement;

the application of any provision of this Act to such financial statements, consolidated financial statements, balance sheet, directors’ statement or summary financial statement subject to such additions, exceptions and modifications as may be specified in the regulations;

the taking of steps by the trustee‑manager of a registered business trust to bring any revision of the financial statements, consolidated financial statements, balance sheet, directors’ statement or summary financial statement to the notice of persons likely to rely on the previous financial statements, consolidated financial statements, balance sheet, directors’ statement or summary financial statement;

the requirement to lodge the revised financial statements, consolidated financial statements, balance sheet, directors’ statement or summary financial statement with the Authority and the payment of any filing fee pursuant to the lodgment.Authority’s application to court in respect of defective financial statements, or consolidated financial statements and balance sheet77B.—

If it appears to the Authority that there is, or may be, a question whether the financial statements or, in the case of a parent business trust, consolidated financial statements and balance sheet comply with the requirements of this Act (including compliance with the Accounting Standards), the Authority may give notice to the trustee‑manager of the registered business trust indicating the respects in which it appears that such a question arises or may arise, and specify the period within which the trustee‑manager must respond.(2) The trustee‑manager of the registered business trust to whom notice under subsection (1) is given must, at the end of the period mentioned in that subsection, or any longer period that the Authority may allow —

give the Authority an explanation of the financial statements, or consolidated financial statements and balance sheet (as the case may be), if the trustee‑manager does not propose to revise the financial statements, or consolidated financial statements or balance sheet, as the case may be; or

inform the Authority how the trustee‑manager proposes to revise the financial statements, or consolidated financial statements or balance sheet (as the case may be) to address the questions in respect of which the Authority has given notice.(3) If the Authority is satisfied with the explanation of the financial statements, or consolidated financial statements and balance sheet (as the case may be), mentioned in subsection (2)(a), no further action need be taken by the trustee‑manager of the registered business trust in respect of the notice under subsection (1).(4) If the Authority agrees with the trustee‑manager of the registered business trust on the proposals to revise the financial statements, or consolidated financial statements or balance sheet (as the case may be), mentioned in subsection (2)(b), the trustee‑manager may cause the financial statements, or consolidated financial statements or balance sheet (as the case may be) to be revised in the manner provided in section 77A.(5) The Authority may apply to court under subsection (6) if —

the Authority does not receive a response from the trustee‑manager of the registered business trust after giving the notice mentioned in subsection (1);

the Authority is not satisfied with the explanation of the financial statements, or consolidated financial statements and balance sheet (as the case may be), mentioned in subsection (2)(a); or

the Authority does not agree with the trustee‑manager of the registered business trust on the proposals to revise the financial statements, or consolidated financial statements or balance sheet (as the case may be), mentioned in subsection (2)(b).(6) An application to court mentioned in subsection (5) may be for —

a declaration that the financial statements, or consolidated financial statements or balance sheet (as the case may be), do not comply with the requirements of this Act (including compliance with the Accounting Standards); and

an order requiring the trustee‑manager of the registered business trust to cause the financial statements, or consolidated financial statements or balance sheet (as the case may be), to be revised.(7) Where the court orders the preparation of revised financial statements, or consolidated financial statements or balance sheet, under subsection (6), the court may give directions as to —

the auditing of the financial statements, or consolidated financial statements or balance sheet, as the case may be;

the making of revisions to the financial statements, consolidated financial statements, balance sheet, directors’ statement, or summary financial statement in such manner as the court considers necessary within a specified period;

where the court has given directions under paragraph (b) to make revisions to the summary financial statement, the review by the auditors of the revised summary financial statement;

the making of necessary consequential revisions to any other document;

the taking of steps by the trustee‑manager of a registered business trust to bring the making of the order to the notice of persons likely to rely on the previous financial statements, consolidated financial statements, balance sheet, directors’ statement, or summary financial statement; and

any other matters that the court thinks fit.(8) If the court finds that the financial statements, or consolidated financial statements or balance sheet (as the case may be), did not comply with the requirements of this Act (including the Accounting Standards), the court may order that all or part of —

the costs of or incidental to the application; and

any reasonable expenses incurred by the registered business trust in connection with or in consequence of the preparation of revised financial statements, or consolidated financial statements or balance sheet, as the case may be,must be borne by the trustee‑manager of the registered business trust as at the date of the directors’ statement which accompanied the defective financial statements, or consolidated financial statements and balance sheet, as the case may be.(9) The provisions of this section apply equally to revised financial statements, or consolidated financial statements or balance sheet (as the case may be), in which case they have effect as if the references to revised financial statements, or consolidated financial statements or balance sheet (as the case may be), were references to further revised financial statements, or consolidated financial statements or balance sheet, as the case may be.”.