THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

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Chapter 2M inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

PART 2M.2 - FINANCIAL RECORDS

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Part 2M.2 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

SECTION 289   PLACE WHERE RECORDS ARE KEPT  

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289(1)  [Place to keep records]  

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

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S 289(1) substituted by No 61 of 1998, Sch 1 (effective 1 July 1998).

289(2) 

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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.

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S 289(2) amended by No 54 of 1998, Sch 5, Pt 2 (effective 1 July 1998).

S 289(2) substituted by No 61 of 1998, Sch 1 (effective 1 July 1998).

289(3)  [Direction to produce]  

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

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S 289(3) amended by No 54 of 1998, Sch 5, Pt 2 (effective 1 July 1998).

S 289(3) substituted by No 61 of 1998, Sch 1 (effective 1 July 1998).

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.

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S 289(4) substituted by No 61 of 1998, Sch 1 (effective 1 July 1998).

289(5)-(10)  (Repealed by No 61 of 1998, Sch 1 (effective 1 July 1998).)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

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