Accounts and records

(1) A foundation shall keep or cause to be kept– (a) such accounts and records as its foundation council considers necessary or desirable in order to reflect the financial position of the (b) a copy of its foundation charter and by-laws and any amendment or change to its foundation charter or by-laws; (c) minutes of all meetings of its foundation council and copies of all resolutions passed by its foundation council. (2) The registered agent and the Secretary of the foundation shall keep or cause to be kept a register in which it shall be recorded the identification particulars of the members, protector and beneficiaries and auditors, where applicable, and any persons having power of attorney granted by the foundation. (2A) Where there is any change in the particulars of a– (a) (b) 66 (c) beneficiary; or (d) person having been granted a power of attorney by the foundation, the registered agent and the Secretary of the foundation shall within fourteen days record that change in the register and notify the Registrar of that change pursuant to section 17(12). (3) The accounts, records, minutes, resolutions, copy documents and register required by this section (hereafter referred to in this section as the “books”) shall– (a) be kept at the registered office of the foundation or, subject to sub-section (4), at such other place as the foundation council of the foundation may designate; and (b) at all reasonable times, be open to inspection by the registered agent and the members of the and, where its Secretary, protector or auditor. (4) If the books are kept at a place other than the registered office, whether within or outside Belize, the registered agent of the foundation shall– (a) be notified of the location of such place where such books are kept within 14 days after the designation of such location; and (b) upon request, be furnished with such books or, as the case may be, notarially certified copies of such books, within a reasonable time for the purpose of inspection by the registered agent and the members of the foundation and, where applicable, its Secretary, protector or auditor. International Foundations [CAP. 24:02 67 (5) Where the accounting records of a foundation are kept outside Belize, the foundation must ensure that it keeps at its registered office, without prejudice to sub-section (4), a written record of the place or places outside Belize where its accounting records are kept. (6) Every record required to be kept under this section shall be preserved for a period of not less than 6 years after the end of the period to which it relates. (7) A foundation that contravenes sub-section (5) or (6) commits an offence and is liable to such penalty as may be prescribed by regulations.