Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 s 70
s 70 Accounts to be kept
(1) A Labuan limited partnership and Labuan limited liability partnership shall keep such accounting and other records as are sufficient to explain its transactions and disclose with reasonable accuracy at any time the financial position of the Labuan limited partnership and Labuan limited liability partnership.
(2) Every general partner or designated partner, as the case may be, shall cause appropriate entries to be made in the accounting and other records of the Labuan limited partnership or Labuan limited liability partnership, as the case may be, within sixty days of the completion of the transactions to which they relate.
(3) The accounting and other records of a Labuan limited partnership and Labuan limited liability partnership shall be kept at its registered office or at such other place in Labuan as the general partner or designated partner, as the case may be, thinks fit and shall at all times be open to inspection by any partner.
(4) Unless otherwise required in the partnership agreement, the accounts of a Labuan limited partnership and Labuan limited liability partnership shall not be required to be audited.
(5) A general partner or designated partner of a Labuan limited partnership or Labuan limited liability partnership, as the case may be, who fails to take all reasonable steps to secure compliance by the Labuan limited partnership or Labuan limited liability partnership, with the requirements of this section commits an offence against this Act.
Malay text (authoritative)
Akaun hendaklah disimpan
(1) Sesuatu perkongsian terhad Labuan dan perkongsian liabiliti terhad Labuan hendaklah menyimpan apa-apa rekod perakaunan dan rekod lain yang mencukupi untuk menjelaskan transaksinya dan menzahirkan dengan ketepatan yang munasabah pada bila-bila masa tentang kedudukan kewangan perkongsian terhad Labuan dan perkongsian liabiliti terhad Labuan itu.
(2) Tiap-tiap pekongsi am atau pekongsi ditetapkan, mengikut mana-mana yang berkenaan, hendaklah menyebabkan catatan yang sesuai dibuat dalam rekod perakaunan dan rekod lain perkongsian terhad Labuan atau perkongsian liabiliti terhad Labuan, mengikut mana-mana yang berkenaan, dalam masa enam puluh hari dari penyelesaian transaksi yang baginya mereka berhubungan.
(3) Rekod perakaunan dan rekod lain sesuatu perkongsian terhad Labuan dan perkongsian liabiliti terhad Labuan hendaklah disimpan di pejabat berdaftarnya atau di tempat lain di Labuan yang difikirkan sesuai oleh pekongsi am atau pekongsi ditetapkan, mengikut mana-mana yang berkenaan, dan hendaklah pada bila-bila masa dibuka untuk pemeriksaan oleh mana-mana pekongsi.
(4) Melainkan jika dikehendaki selainnya dalam perjanjian perkongsian, akaun sesuatu perkongsian terhad Labuan dan perkongsian liabiliti terhad Labuan tidak dikehendaki untuk diaudit.
(5) Seseorang pekongsi am atau pekongsi ditetapkan sesuatu perkongsian terhad Labuan atau perkongsian liabiliti terhad Labuan, mengikut mana-mana yang berkenaan, yang tidak mengambil segala langkah yang munasabah untuk memastikan pematuhan oleh perkongsian terhad Labuan atau perkongsian liabiliti terhad Labuan itu, dengan kehendak seksyen ini melakukan suatu kesalahan terhadap Akta ini.
Read this section in the full act → · Open Part V →
Find Act 707 on lom.agc.gov.my ↗
Text as at 1 July 2023 (LOM reprint); amendments made after that date may not be incorporated.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
