Section 128 - Circulation of financial statements and reports

(1) The directors of a company shall, at a date not later than eighteen months after the incorporation of the company and subsequently once at least in every calendar year at intervals of not more than fifteen months, prepare and send to every member of the company and to every holder of debentures of the company a copy of each of the following documents:

(a) financial statements prepared and signed in accordance with sections 129 to 135;

(b) a report by the directors in accordance with section 136; and

(c) a report by the auditors in accordance with section 137.

(2) Subsection (1) does not require a copy of the documents to be sent to a member or debenture holder of whose address the company is unaware, but that member or debenture holder is entitled to be furnished on demand without charge with a copy of the last of the financial statements and reports of directors and auditors.

(3) Unless the holding of an annual general meeting is duly waived by the members in accordance with subsection (5) of section 157, the documents referred to in subsection (1) of this section shall be laid before the company in general meeting.

(4) The Registrar may extend the periods of eighteen months and fifteen months referred to in subsection (1) and, in the circumstances referred to in subsection (8) of section 131, may waive the requirements of this section in respect of a calendar year.