s 21 Accounts and statements
21.—(1) A licensee must —(a) in respect of the whole or part (as the case may be) of every financial year, prepare such accounts and statements as are specified in, or ascertained in accordance with, the Regulations; (b) retain the accounts and statements prepared in accordance with paragraph (a) for 5 years after the end of the period to which they relate; (c) within the prescribed period after the close of a financial year of the licensee, give the LTA those accounts and statements duly audited by an auditor approved by the LTA; and (d) keep and retain records, where the records are relevant to the preparation of the accounts and statements of the licensee mentioned in paragraph (a), for such period and in such manner as prescribed in the Regulations. (2) A licensee must not prepare any accounts or statements required by subsection (1) in such a way that they do not correctly record and explain the matters or things to which they relate. (3) A licensee —(a) who is subject to any requirement under subsection (1) or (2); and (b) who intentionally or negligently contravenes the requirement, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000. (4) Regulations may be made to vary the period mentioned in subsection (1)(b).