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Amendment of section 327 of Principal Act
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43. Section 327 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of “Subject to subsection (1A), the directors’ report for a financial year” for “The directors’ report for a financial year”,
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(b) by the insertion of the following subsection after subsection (1):
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“(1A) A company that qualifies for the small companies regime or the micro companies regime shall be exempt from the requirements of subsection (1).”,
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and
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(c) by the insertion of the following subsection after subsection (3):
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“(3A) Notwithstanding the generality of subsection (1A), where a company that qualifies for the small companies regime or the micro companies regime, as the case may be, elects to provide the information required by subsection (1), it shall be exempt from the requirements of subsection (3)(b).”.
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