Companies Act (Cap. 386), article 50

50. (1) The accounting records and the documents of the partnership shall be kept by the liquidator, if any, or by the person elected for that purpose by the m ajority of the partners and sh all be so kept for a period of ten year s from the date at which the na me of the partnership was struck off the register. The election of su ch person shall take place within f ourteen days from the registrat ion of the notice referred to in article 49 and shall not be effected until such person has signified his acc eptance in writing to the part ners within fourteen days from his election: Provided that where there is no liquidator and the partners fail to elect such person or wh ere such person refuses to accep t his election, the accounting records and documents shall be deliver ed to the Registrar within fourteen days of the non-acceptance or failure to elect as the case may be, and the Registrar shall ke ep such records for the said period of ten years. (2) Where a person has been elected to keep the accounting records and the documen ts of the partnership, or where the part ners have failed to elect such a person, the partners shall inform t he Registrar accordingly within fourteen days of the date when the election becomes effective or from the failure to elect within the prescribed period, as the case may be, and in default, the part ners shall be liable to a penalty. (3) If the liquidator or the person elected by the partners to keep the accounting records and documents of the partnership fa ils to keep them for the period prescribed by sub-article (1), he s hall be liable to a penalty. (4) If the liquidator or the person elected by the partners to keep the accounting records and documents of the partnership di es, his heirs shall be obliged to de liver the said accounting recor ds and documents to the Registrar within six months and the Registrar shall keep them for the remainder of the period prescribed by sub- article (1). (5) The heirs referred to in sub-article (4) shall be liable to a penalty if they do not comply with the provisions of that sub- article. Amended by: IV . 2003.35. PART IV - PARTNERSHIP EN COMMANDITE OR LIMITED PARTNERSHIP Definition. Amended by: IV . 2003.35, 36; XXII. 2014.19.