Section 45: Establishment of archives by business houses or companies

(1) Every business house or company which is not Government owned or private companies within the meaning of the Companies and Allied Matters Act (by what name so ever described) shall, on attaining the age of twenty-five years, operate an archives division.
(2) Every business house or company which has been in existence for at least twenty-five years at the commencement of this Act shall, not later than three years after that date, establish its archives division on the basis laid down in subsection (1) of this section.
(3) Nothing in this section shall prevent-
(a) a group of business houses or companies, whether they are of the same or different
kind, if they so desire, from joining together to establish joint archival repositories for the better preservation and administration of their archives; or
(b) an archival division from being established by any business house or company, which, not being twenty-five years old, desires to do so.
(4) As from the commencement of this Act, every business house or company shall be under an obligation to make and preserve adequate and proper documentation of its organisation, functions, policies, procedures and transactions.