—(1) Where a company is being wound up, all books and papers of the company and of the liquidator that are relevant to the affairs of the company at or subsequent to the commencement of the winding up of the company shall, as between the contributories of the company, be prima facie evidence of the truth of all matters purporting to be therein recorded.
(2) When a company has been wound up the liquidator shall retain the books and papers referred to in subsection (1) for a period of 2 years from the date of dissolution of the company and at the expiration of that period may destroy them.
(3) Notwithstanding subsection (2), when a company has been wound up the books and papers referred to in subsection (1) may be destroyed within a period of 2 years after the dissolution of the company —
in the case of a winding up by the Court, in accordance with the directions of the Court;
in the case of a members’ voluntary winding up, as the company by resolution directs; and
in the case of a creditors’ voluntary winding up, as the committee of inspection, or, if there is no such committee, as the creditors of the company direct.
(4) No responsibility shall rest on the company or the liquidator by reason of any such book or paper not being forthcoming to any person claiming to be interested therein if such book or paper has been destroyed in accordance with this section.
(5) Any person who fails to comply with subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.
[UK, 1948, ss. 340, 341; Aust., 1961, s. 284]