An owners corporation must cause the following to be retained for 7 years—
minutes of meetings required to be kept under Schedule 1 or Schedule 2,
its financial statements and accounting records,
copies of correspondence received and sent by the owners corporation,
notices of meetings of the owners corporation and its strata committee,
proxies delivered to the owners corporation,
a copy of any signed strata managing agent agreement or building manager agreement entered into by the owners corporation,
records given to the owners corporation by the strata managing agent relating to the exercise of functions by the agent,
any other documents prescribed by the regulations for the purposes of this section.Maximum penalty—5 penalty units.
The regulations may prescribe a different period for which any or all of the things referred to in subsection (1) are required to be retained.