All Ontario and Canadian business companies are legally obliged to keep and maintain records of their internal affairs and decisions, usually in a “minute book”. Failure to comply with the requirements to keep records, without reasonable cause, is an offence under the law is guilty of an offence and companies that do not comply may be liable to a fine. Further, every director or officer who authorized, permitted, or acquiesced in such an offence without reasonable cause may also be guilty of an offence and may be liable to a fine on conviction.