1. Every company shall keep the following records for at least 7 years from the date of the resolution, meeting or decision:
- all written resolutions of its members
- all minutes of proceedings of meetings of members
- in the case of a company having a sole member, all details of decisions made by the sole member.
Section 341(3) stated that every officer who contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding RM10,000, and in the case of a continuing offence, to a further fine of RM500 for each day during which the offence continues.
2. The above records shall be kept at the company’s registered office, or a place of which notice has been given to SSM, and shall be made available for inspection by any member of the company without charge.
Section 342(5) stated that the company and every officer who contravene this section commits an offence and shall, on conviction, be liable to a fine not exceeding RM10,000, and in the case of a continuing offence, to a further fine of RM500 for each day during which the offence continues.
