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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1270

Preservation and disposal of records etc.

(1) A person who is required by a provision of this Act to maintain, make or keep a register or a financial or other record in relation to a business carried on by the person must preserve that register or record for the prescribed period, whether or not the person ceases to carry on that business before the end of that period. (2) The prescribed period for the purposes of subsection (1) is:

in relation to a register or a record other than a financial record, the period of 5 years next after the day on which the last entry was made in the register or record; or

in relation to a financial record, the 7 years after the transactions covered by the record are completed.

(3) Subsections (1) and (2) do not apply in relation to a contract note or copy of a contract note received or issued by a futures broker who is a member of a futures exchange if the matters required by subsection 1206(4), (5) or (6), as the case requires, to be included in the contract note are recorded:

by the futures exchange; or

subject to such conditions (if any) as ASIC imposes, by the broker;

in a manner approved by ASIC and the record of those matters is retained for not less than 5 years.

(4) ASIC may, if of the opinion that it is no longer necessary or desirable to retain it, destroy or otherwise dispose of any document that is given to or lodged with ASIC under or for the purposes of this Act and that has been in the possession of ASIC for such period as is prescribed for the purposes of this subsection, either generally or in relation to a particular document or class of documents.

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