Article 78 - Financial Year of an Investment Club
(1) The first financial year of an Investment Club starts from the day on which it is incorporated and lasts for the period ending on the financial year end date specified in the incorporation document falling not less than 6 months and not more than 18 months after incorporation of the Investment Club.
(2) The second and any subsequent financial year must start with the day immediately following the end of the Investment Club's previous financial year and end on the financial year end date in the next Calendar Year.
(3) An Investment Club may by notice in the Prescribed Form given to the CRO specify a new financial year end date having effect in relation to:
a. the Investment Club's current financial year and subsequent financial years; or
b. the Investment Club's previous financial year and all financial years subsequent to that previous financial year
where, an Investment Club's "previous financial year" means that year immediately preceding its current financial year.
(4) The notice must state whether the current or previous financial year:
a. is to be shortened, so as to come to an end on the first occasion on which the new financial year end date falls or fell after the beginning of the financial year; or
b. is to be extended, so as to come to an end on the second occasion on which that date falls or fell after the beginning of the year.
(5) The Investment Club must not extend its financial year more than once every 5 years from the end of an earlier extended financial year and any notice to the contrary is ineffective.
(6) A notice under Article 78(3) may not be given in respect of a previous financial year if the period allowed for laying and delivering accounts in relation to that year has already expired.
(7) An Investment Club's financial year must not, in any case, be extended so as to exceed 18 months and a notice under Article 78(3) is ineffective if the current or previous financial year as extended in accordance with the notice would exceed that limit.
|Derived (as from 20th December 2016).|