Section 303, The Companies Act, 2009

(1) The directors of a company may, (subject to section 322 where the company has subsidiaries) deliver individual financial statements modified as for a small company in the cases specified in subsections (2) and (3); and Part I of the Fifth Schedule shall apply with respect to the delivery of financial statements so modified. (2) In respect of the company’s first year, the directors may deliver financial statements modified as for a small company, if in that year it qualifies as a small company. (3) The directors may in respect of a company’s year subsequent to the first– Entitlement to deliver statements in modified form. small Share holder’s obtain copies of financial statemnt. Modified individual 228 229 (a) deliver financial statements modified as for a small company if the company qualifies as small and it also so qualified in the preceding year; (b) deliver financial statements modified as for a small company (although not qualifying in that year as small), if in the preceding year it so qualified and the directors were entitled to deliver financial statements so modified in respect of that year; (c) deliver financial statements modified as for a small company if, in that year the company qualifies as small and the directors were entitled under paragraph (b) of this subsection to deliver financial statements so modified for the preceding year (although the company did not in that year qualify as small).