Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 289

289. (1) A company shall:

   (a)  keep such accounting records as correctly record and explain its
        transactions (including any transactions as trustee) and financial
        position; and (b) so keep its accounting records that:

        (i)    true and fair accounts of the company can be prepared from time
               to time; and

        (ii)   its accounts can be conveniently and properly audited in
               accordance with this Act.

(2) A company shall retain the accounting records kept by it under this
section, or under a corresponding law, for 7 years after the completion of the
transactions to which they relate.

(3) A company shall keep its accounting records at such place or places as its
directors think fit.

(4) The Commission may by writing require a company to produce:

   (a)  at a specified place within Australia that is reasonable in the
        circumstances; and

   (b)  within a specified period of at least 14 days; specified accounting
        records of the company that are kept outside Australia.

(5) Where accounting records of a company are kept outside Australia, the
company shall keep at a place within Australia determined by the directors
such statements and records with respect to the matters dealt with in the
records kept outside Australia as would enable true and fair accounts, and any
documents required by this Act to be attached to the accounts, to be prepared.

(6) A company shall lodge written notice of the place in Australia where
statements and records kept under subsection (5) are kept, unless the
statements and records are kept at the registered office of the company.

(7) A company shall keep its accounting records in writing in the English
language or so as to enable them to be readily accessible and readily
convertible into writing in the English language.

(8) The Court may, on application by a director of a company, make an order
authorising a registered company auditor acting for the director to inspect
the accounting records of the company.

(9) A company shall make its accounting records available in writing in the
English language at all reasonable times for inspection without charge by any
director of the company and by any other person authorised or permitted by or
under this Act to inspect them.

(10) Where a registered company auditor inspects the accounting records
pursuant to an order of the Court under subsection (8), he or she shall not
disclose to a person other than the director on whose application the order
was made any information acquired by him or her in the course of his or her
inspection.

(11) A director of a company shall take all reasonable steps to ensure that
the company complies with this section.

(12) In any proceedings against a person for a contravation of subsection
(11), it is a defence if the person proves that he or she had reasonable
grounds to believe, and did believe, that a competent and reliable person was:

   (a)  charged with the duty of seeing that the company complied with this
        section; and

   (b)  was in a position to discharge that duty.