102. When directors need not lay financial statements before VCC

The directors of a VCC need not comply with the requirement in section 100 to lay before the VCC at its annual general meeting the financial statements, or the consolidated financial statements and balance sheet (as the case may be), of the VCC if the VCC need not hold an annual general meeting because of section 78(1).

Where the financial statements, or the consolidated financial statements and balance sheet (as the case may be), are not laid before the VCC at its annual general meeting under subsection (1), the reference in section 207(1) of the Companies Act 1967 (as applied by section 109(3)) to financial statements required to be laid before the VCC in general meeting is to the documents required to be sent to persons entitled to receive notice of general meetings of the VCC under section 105(1) and (2).