Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 1116

(1)

A person who is required by a provision of this Chapter to maintain, make or keep a register or any financial record 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 a financial 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 a financial record, the 7 years after the transactions covered by the record are completed.

(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.