Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.2 - FINANCIAL RECORDS  

SECTION 289   PLACE WHERE RECORDS ARE KEPT  

289(1)    

A company, registered scheme, registrable superannuation entity or disclosing entity may decide where to keep the financial records.

Records kept outside this jurisdiction

289(2)    

If financial records about particular matters are kept outside this jurisdiction, sufficient written information about those matters must be kept in this jurisdiction to enable true and fair financial statements to be prepared. The company, registered scheme, registrable superannuation entity or disclosing entity must give ASIC written notice in the prescribed form of the place where the information is kept.

289(2A)    

An offence based on subsection (2) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .

289(3)    

ASIC may direct a company, registered scheme, registrable superannuation entity or disclosing entity to produce specified financial records that are kept outside this jurisdiction.

289(4)    
The direction must:

(a)    be in writing; and

(b)    specify a place in this jurisdiction where the records are to be produced (the place must be reasonable in the circumstances); and

(c)    specify a day (at least 14 days after the direction is given) by which the records are to be produced.