s 31 Accounts
31.—(1) Every limited liability partnership must keep such accounting and other records as will sufficiently explain the transactions and financial position of the limited liability partnership and enable profit and loss accounts and balance sheets to be prepared from time to time which give a true and fair view of the state of affairs of the limited liability partnership. (2) The limited liability partnership must retain the records referred to in subsection (1) for a period of at least 5 years from the end of the financial year in which the transactions or operations to which those records relate are completed.[2/2007] (3) The records referred to in subsection (1) must be kept at such place as the partners think fit and must at all times be open to inspection by the partners. (4) The Registrar may, by written notice to the limited liability partnership or any of its partners, require the limited liability partnership or that partner to produce the records referred to in subsection (1) for the Registrar’s inspection within the time and at the place specified in that notice. (5) If a limited liability partnership contravenes subsection (1), (2) or (3), the limited liability partnership and every partner of the limited liability partnership shall be guilty of an offence and shall be liable on conviction —(a) in the case where the offender is an individual, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both; or (b) in any other case, to a fine not exceeding $10,000. (6) Any person who fails to comply with a requirement under subsection (4) shall be guilty of an offence and shall be liable on conviction —(a) in the case where the offender is an individual, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both; or (b) in any other case, to a fine not exceeding $10,000.[25