Section 28Part 4 — Relations of Partners to One Another
Accounts
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Partners are bound to render true accounts and full information of all things affecting the partnership to any partner or the agents of any partner.
A partner, other than a limited partner, shall keep or cause to be kept proper books of account including, where applicable, material underlying documentation including contracts and invoices, with respect to —
all sums of money received and expended by the partnership and matters in respect of which the receipt of expenditure takes place;
all sales and purchases of goods by the partnership; and
the assets and liabilities of the partnership.
For the purposes of subsection (2), proper books of account shall not be deemed to be kept if there are not kept such books as are necessary to give a true and fair view of the business and financial condition of the partnership and to explain its transactions.
A partner, other than a limited partner, shall cause all books of account required to be kept under subsection (2) to be retained for a minimum period of five years from the date on which they are prepared.
A partner who knowingly and willfully contravenes subsection (2) or (4) shall be subject to a penalty of five thousand dollars.