PART IV - ISSUES OF SECURITIES AND TAKE-OVERS AND MERGERS DIVISION 4 - DEBENTURES Subdivision 1 - Trust deeds, duties of trustees, borrowers, etc.
Section 78. Obligations of directors of borrower to deliver financial statements.
(1) The directors of every borrower shall deliver to the trustee and the Commission and lodge with the Registrar such financial statements of the borrower as may be specified by the Commission.
(2) Subject to subsection (3) , the directors of the borrower shall deliver to the trustee and the Commission a copy of the borrower's annual audited accounts within two weeks from the date of the borrower's annual general meeting.
(3) Where the borrower is a listed corporation that is required to submit information to the Commission under section 99D of the Securities Industry Act 1983, the borrower shall not be required to deliver its annual audited accounts to the Commission under this section.
(4) Where the directors of a borrower do not deliver to the trustee a copy of such financial statements of the borrower as may be specified by the Commission under subsection (1) or a copy of the borrower's annual audited accounts under subsection (2) , the trustee shall inform the Commission of that fact.
(5) Where the directors of a borrower contravene or fail to take all reasonable steps to secure compliance with subsection (1) or (2) , each director shall be guilty of an offence.