Section 51
Accounting records and audit
A management company and every director and manager of the management company shall—
(a)
cause to be kept such accounting and other records as will sufficiently explain the transactions and financial position of the scheme and enable a true and fair profit
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and loss accounts and balance sheets and any documents required to be attached to the records to be prepared; and
(b)
cause the records in paragraph (a) to be kept in such manner as to enable the records to be conveniently and properly audited.
(2)
A management company and every director and manager of the management company shall cause appropriate entries to be made in the accounting and other records within sixty days of the completion of the transactions to which the entries relate.
(3)
Notwithstanding subsection (1), the accounting and other records of operations outside Malaysia may be kept by the management company at a place outside Malaysia and provided that such accounting and other records shall be sent to and kept at a place in Malaysia and be at all times open to inspection by the directors, such statements and returns with respect to the business dealt with in the records so kept as will enable true and fair financial statements and any documents required to be attached to the financial statement to be prepared.
(4)
If any accounting and other records are kept at a place outside
Malaysia under subsection (1) or (2), the Registrar may require the management company to produce those records at a place in
Malaysia or determine the type and manner of the records to be kept in Malaysia.
(5)
The management company and every officer who contravene this section commit an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.