Section 197

Where, for any annual or half-yearly accounting period, the operator, after consulting the auditor and the Authority has taken reasonable care to determine that timely production of an annual or half-yearly report is not required in the interests of the unit holders or the Authority, the operator or the trustee may direct that immediate production of the report by the auditor may be dispensed with.

The period mentioned in sub-regulation (2) must be reported on together with the following period in the next report prepared for the purposes of sub-regulation (1) or (4).

At the conclusion of the winding up, the accounting period then running is regarded as the final annual accounting period.

316

(5}

Within 2 months after the end of the final accounting period, the annual reports of the operator must be published and sent to each person who was a unit holder immediately before the end of the final accounting period.

Funds that are not commercially viable.