(1)Every company must cause minutes of all proceedings at meetings of its directors to be recorded.
(2)The records must be kept for at least ten years from the date of the meeting.
(3)If a company fails to comply with this section, an offence is committed by every officer of the company who is in default.
(4)A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.