126Accounting records to be kept

#### 126 Accounting records to be kept 126 Accounting records to be kept > > (1) A society must— > > > > > (a) keep accounting records that correctly record and explain the transactions and the financial position of the society, and > > > > > (b) keep the accounting records in a way that will enable— > > > > > > > (i) true and fair accounts of the society to be prepared periodically, and > > > > > > > (ii) the accounts of the society to be conveniently and properly audited in accordance with this Part, and > > > > > (c) retain the accounting records for a period of 7 years after the completion of the transactions to which they relate, and > > > > > (d) keep accounting records in writing in the English language or so as to enable the accounting records to be readily accessible and readily convertible into writing in the English language, and > > > > > (e) keep the accounting records at such a place or places as its directors think fit. > > > (2) If any of the accounting records of a society are kept at a place outside this State, the society must keep at a place within this State determined by the directors such information as would enable true and fair accounts, and any documents or reports required by this Part to be attached to the accounts, to be prepared. > > Maximum penalty—20 penalty units.