Singapore legislation
Section 27
Section 27
Accounts and audit
(1)
Every general partner of a limited partnership must ensure that such accounting and other records as will sufficiently explain the transactions and financial position of the limited partnership are kept.
(2)
The records referred to in subsection (1) must be retained for a period of at least 5 years after the completion of the transactions or operations to which they respectively relate.
(3)
The Registrar may, by written notice to any of the general partners of a limited partnership, require that person to produce the records referred to in subsection (1) for the Registrar’s inspection within the time and at the place specified in that notice.
(4)
Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction —
in the case where the offender is an individual, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both; or
in any other case, to a fine not exceeding $10,000.
(5)
Any person who fails to comply with a requirement under subsection (3) shall be guilty of an offence and shall be liable on conviction —
in the case where the offender is an individual, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both; or
in any other case, to a fine not exceeding $10,000.