Section 110

Every company and the directors thereof shall cause appropriate entries to be made in the accounting and other records of the company within ninety days of the completion of the transactions to which they relate.

The accounting and other records of a Labuan company shall be kept at the registered office of the company or at such other place in Labuan as the directors think fit and shall at all times be open to inspection by any director and shall be kept in such manner as to enable them to be conveniently and properly audited.

If default is made in complying with subsection (1), (2) or (3), the director of the Labuan company who is in default commits an offence under this Act.

Penalty: Five hundred thousand ringgit or imprisonment for a term not exceeding five years or both.

The Authority may, in any particular case, direct that the accounting and other records of a Labuan company be open to inspection by an approved auditor acting for a director, but only upon an undertaking in writing given to the Authority that information acquired by the auditor during his inspection shall not be disclosed by him except to that director.

124 Laws of Malaysia ACT 441

Any director of a Labuan company who fails to take all reasonable steps to secure compliance by the company with the requirements of this section, or a resident director who has by his own wilful act been the cause of any default by the company under the said sections, commits an offence under this Act.

Audited accounts to be laid before meeting