136Preservation and disposal of records etc.

##### 136 Preservation and disposal of records etc. (1) A person who is required by a provision of this Act to maintain, make or keep a register or any accounting or other record in relation to a business carried on by him shall preserve that register or record for the prescribed period, whether or not he ceases to carry on that business before the expiration of that period. (2) The prescribed period for the purposes of subsection (1) is: (a) in relation to a register or a record other than an accounting record, the period of 5 years next after the day on which the last entry was made in the register or record; or (b) in relation to an accounting record, the period of 7 years next after the last day of the accounting period to which the record relates. (3) Subsections (1) and (2) do not apply to or in relation to a contract note or copy of a contract note received or issued by a dealer who is a member of a securities exchange if the matters referred to in subsection 64(2) in relation to the contract note are recorded: (a) by the securities exchange; or (b) subject to such conditions (if any) as the Commission imposes, by the dealer; in a manner approved by the Commission and the record of those matters is retained for not less than 5 years. (4) The Commission may, if of the opinion that it is no longer necessary or desirable to retain it, destroy or otherwise dispose of any document that is given to or lodged with the Commission under or for the purposes of this Act and that has been in the possession of the Commission for such period as is prescribed for the purposes of this subsection, either generally or in relation to a particular document or class of documents.