Clause 170

A company shall adequately record for future reference the information required to be contained in any company records. (2) Subject to subsection (1), company records may be —

kept in hard copy form or in electronic form; and

arranged in the manner that the directors of the company think fit.(3) If company records are kept in electronic form, the company shall ensure that they are capable of being reproduced in hard copy form.(4) In this section and sections 396 and 396A —“company” includes a corporation which is required to keep company records under this Act;“company record” means any register, index, minute book, accounting record, minute or other document required by this Act to be kept by a company;“in electronic form” means in the form of an electronic record as defined in section 2(1) of the Electronic Transactions Act (Cap. 88);“in hard copy form” means in a paper form or similar form capable of being read.Duty to take precautions against falsification396.—

Where company records are kept otherwise than in hard copy form, reasonable precautions shall be taken for —

ensuring the proper maintenance and authenticity of the company records;

guarding against falsification; and

facilitating the discovery of any falsifications. (2) In the case where company records are kept in electronic form, the company shall provide for the manner by which the records are to be authenticated and verified.(3) Where default is made in complying with subsection (1) or (2), the company and every officer of the company who is in default shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $1,000 and also to a default penalty.Inspection of records396A.—

Any company record which is by this Act required to be available for inspection shall, subject to and in accordance with this Act, be available for inspection at the place where in accordance with this Act it is kept during the hours in which the registered office of the company is accessible to the public. (2) If company records are kept by the company by recording the information in question in electronic form, any duty imposed on the company under subsection (1) or any other provision of this Act to allow inspection of the company records is to be regarded as a duty to allow inspection of —

a reproduction of the recording, or the relevant part of the recording, in hard copy form; or

if requested by the person inspecting the recording, the recording, or the relevant part of the recording, by electronic means.(3) Any person permitted by this Act to inspect any company records may make copies of or take extracts from it.(4) Where company records are kept by the company by recording the information in question in electronic form, the company shall ensure that proper facilities shall be provided to enable the company records to be inspected, and where default is made in complying with this subsection, the company and every officer of the company who is in default shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $1,000 and also to a default penalty.”.