32Period for which records must be kept

#### 32 Period for which records must be kept 32 Period for which records must be kept > > (1) For the purposes of the Act, section 172(2)(d), a licensee must keep a record for at least 7 years after it is made and provide for its safe keeping throughout that time. > > > > Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual. > > > (2) However, subsection (1) does not apply to the licensee if the record has passed to the lawful possession of another licensee or a solicitor as a consequence of the transfer of the licensee’s conveyancing business. > > > (3) In this section— > > > > record— > > > > > (a) means a record required to be kept under section 31 or Part 5, and > > > > > (b) includes a record of which the licensee has lawfully acquired possession as a result of the transfer of a conveyancing business to the licensee.