Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1116

1116. (1) A person who is required by a provision of this Chapter to maintain,
make or keep a register or any accounting or other record in relation to a
business carried on by the person shall preserve that register or record for
the prescribed period, whether or not the person ceases to carry on that
business before the end of that period.

(2) The prescribed period for the purposes of subsection (1) is:

   (a)  in relation to a register or a record other than an accounting record,
        the 5 years next after the day on which the last entry was made in the
        register or record; or

   (b)  in relation to an accounting record, the 7 years next after the last
        day of the accounting period to which the record relates.

(3) Subsections (1) and (2) do not apply in relation to a contract note or
copy of a contract note received or issued by a dealer who is a member of a
securities exchange if the matters referred to in subsection 842 (3) in
relation to the contract note are recorded:

   (a)  by the securities exchange; or

   (b)  subject to such conditions (if any) as the Commission imposes, by the
        dealer; in a manner approved by the Commission and the record of those
        matters is retained for not less than 5 years.

(4) A matter that a securities exchange records under subsection (3) shall be
deemed to have been so recorded with the member's authority.

(5) The Commission may, if of the opinion that it is no longer necessary or
desirable to retain it, destroy or otherwise dispose of any document that is
lodged under or for the purposes of this Chapter and has been in the
possession of the Commission for such period as is prescribed for the purposes
of this subsection, either generally or in relation to a particular document
or class of documents.