117. (1) Every company shall cause to be kept proper accounting records with respect to all financial and other transactions of the company, and, without limiting the generality of the foregoing, shall cause records to be kept of

(a) all sums of money received and disbursed by the company and the matters in respect of which receipt and disbursement take place;

(b) all sales and purchases by the company;

(c) all assets and liability of the company; and

(d) all other transactions affecting the financial position of the company.

(2) The accounting records shall be kept at the head office of the company or at such other place in Canada as the directors think fit, and shall at all times be open to inspection by the directors.

(3) In case the operating accounts of the company are kept at some place outside Canada, there shall be kept at the head office of the company such comprehensive records as will enable the directors to ascertain with reasonable accuracy the financial position of the company at the end of each three months period.

1964-65, c. 52, s. 39.