THE CORPORATIONS LAW

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

PART 2M.2 - FINANCIAL RECORDS

SECTION 289   PLACE WHERE RECORDS ARE KEPT  

289(1)  [Place to keep records]  

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

289(2)  Records kept outside Australia.  

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

289(3)  [Direction to produce]  

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

289(4)  [Direction requirements]  

The direction must:

(a)  be in writing; and

(b)  specify a place in Australia 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.

289(5)-(10)  (Repealed by No 61 of 1998, Sch 1 (effective 1 July 1998).)

289(11)-(12)  (Omitted by No 110 of 1990, Sch 3 (effective 1 January 1991).)