Clause 167

Every company and the directors and managers thereof shall cause to be kept such accounting and other records as will sufficiently explain the transactions and financial position of the company and enable true and fair profit and loss accounts and balance-sheets and any documents required to be attached thereto to be prepared from time to time, and shall cause those records to be kept in such manner as to enable them to be conveniently and properly audited.[U.K.s. 147.][Aust. s. 161.]

The company shall retain the records referred to in subsection (1) of this section for seven years after the completion of the transactions or operations to which they respectively relate.

The records referred to in subsection (1) of this section shall be kept at the registered office of the company or at such other place as the directors think fit and shall at all times be open to inspection by the directors.

If accounting and other records are kept by the company at a place outside Singapore there shall be sent to and kept at a place in Singapore and be at all times open to inspection by the directors such statements and returns with respect to the business dealt with in the records so kept as will enable to be prepared true and fair profit and loss accounts and balance-sheets and any documents required to be attached thereto.

The Court may in any particular case order that the accounting and other records of a company be open to inspection by an approved company auditor acting for a director, but only upon an undertaking in writing given to the Court that information acquired by the auditor during his inspection shall not be disclosed by him except to that director.

If default is made in complying with any of the provisions of this section the company and every officer of the company who is in default shall be guilty of an offence under this Act and shall be liable on conviction to imprisonment for a term not exceeding three months or to a fine not exceeding five hundred dollars and also to a default penalty.