Where company records are kept otherwise than in bound books, adequate precautions must be taken—
to guard against falsification, and
to facilitate the discovery of falsification.
If a company fails to comply with this section, an offence is committed by every officer of the company who is in default.
A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.
This section does not apply to the documents required to be kept under—
section 228 (copy of director's service contract or memorandum of its terms); or
section 237 (qualifying indemnity provision).