Clause 57

Subject to subsections (2) and (3) and section 5, sections 395, 396, 396A and 396B of the Companies Act apply in relation to any register, index, minute book, accounting record, minute or other document required to be kept by a VCC under this Act as they apply in relation to a similar document required to be kept by a company under the Companies Act.(2) A reference in sections 396A and 396B of the Companies Act to that Act is to this Act.(3) Subsection (1) does not apply to records required to be kept by a VCC under Part 7.(4) The following provision applies in place of section 396B(3) of the Companies Act (which sets out when proper books of account are deemed not to have been kept by a company under section 396B(1) of that Act): “For the purposes of section 396B(1), proper books of account are considered not to have been kept if —

there have not been kept such books or accounts as are necessary to exhibit and explain the transactions and financial position of the trade or business of the VCC, including —

books containing entries from day to day in sufficient detail of all cash received and cash paid; and (ii)where the trade or business involved dealings in goods, statements of the annual stocktakings and of all goods sold and purchased, showing the goods and the buyers and sellers of those goods in sufficient detail to enable those goods and those buyers and sellers to be identified; or (b)such books or accounts have not been kept in such manner as to enable them to be conveniently and properly audited, whether or not the VCC has appointed an auditor.”.”.