—(1) Where a licensed trust company acts as a trustee of any express trust, the licensed trust company shall keep, or cause to be kept, such books as will sufficiently explain the transactions entered into by the licensed trust company on behalf of the trust and the financial position of such trust.
(2) A licensed trust company shall keep, or cause to be kept, the books relating to the company as will ––
sufficiently explain the transactions and financial position of its business; and
enable true and fair profit and loss accounts and balance-sheets to be prepared from time to time,
and its books shall be kept in such a manner as will enable them to be conveniently and properly audited.
(3) An entry in the books of a licensed trust company required to be kept in accordance with this section shall be deemed to have been made by, or with the authority of, the licensed trust company.
(4) A licensed trust company shall retain such books as may be required to be kept under this Act for a period of not less than 6 years.
(5) A licensed trust company shall —
furnish such returns and records in such form and manner as may be prescribed or as may be notified by the Authority in writing; and
provide such information relating to its business as the Authority may require.
(6) The Authority may, without prejudice to the generality of section 82(1), make regulations in respect of all or any of the matters in this section, including the keeping of such books, by a licensed trust company, in such form and manner as the Authority may prescribe.
(7) Any licensed trust company which, without reasonable excuse, contravenes subsection (1), (2) or (4) or any regulations made under subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(8) Any licensed trust company which, without reasonable excuse, contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.