45Records

45 Records (1) A licensee must keep and maintain the records that correctly record and explain the operations of the licensee under his or her licence. (2) The records kept by the licensee are to include accounting records that record and explain the transactions of the licensee and any business carried on under the licensee's licence by an agent and give a true and fair view of the licensee's financial position. (3) The licensee must keep each record for 5 years. (4) The records are to be kept: (a) at the principal place of business of the licensee in the Territory;

Totalisator Licensing and Regulation Act 2000 26 (b) if the licensee's registered office is outside the Territory and the Director gives approval – at that office; or (c) any other place approved by the Director. (5) The licensee may keep the records in any form but the records must be in a form that enables: (a) the licensee to provide information relating to the licensee's financial transactions on the request of the Director or an inspector; (b) in complying with a request of the Director or inspector referred to in paragraph (a) – the information on the records to be converted to or reproduced as, with or without the aid of an article or device, a document in written English; and (c) the records to be conveniently and properly audited. Maximum penalty: In the case of a natural person – 50 penalty units. 250 penalty units.