A364
Production of
documents and
evidence to inspectors
1985 c. 6, s. 434
Delegation of powers by inspectors
Obstruction of inspectors
1985 c. 6, s. 436
Ord. No. 63/88
SECURITIES (DISCLOSURE OF INTERESTS)
36. (1) When an inspector has been appointed under section 33 or 34, it is the duty of all officers and agents of the listed company, and of all officers and agents of any other corporation the ownership of whose shares or debentures are investigated under section 35(1)——
(a) to produce to the inspector all books and documents of or relating
to the company or, as the case may be, the other corporation which are in their custody or power;
(b) to attend before the inspector when required to do so; and
(c) otherwise to give the inspector all assistance in connection with the
investigation which they are reasonably able to give.
(2) If the inspector considers that a person other than an officer or agent of the listed company or other corporation is or may be in possession of information concerning its shares or debentures, he may require that person to produce to him any books or documents in his custody or power relating to the company or other corporation, to attend before him and otherwise to give him all assistance in connection with the investigation which he is reasonably able to give; and it shall be the duty of that person to comply with the requirement.
(3) An inspector may examine on oath the officers and agents of the listed company or other corporation, and any such person as is mentioned in subsection (2), in relation to the shares or debentures of the listed company or other corporation, and may administer an oath accordingly.
(4) A person is not excused from answering a question put to him under this section by an inspector on the ground that the answer might tend to incriminate him but, where such person claims, before answering the question, that the answer might tend to incriminate him, neither the question nor the answer shall be admissible in evidence against him in criminal proceedings other than proceedings in relation to a charge of perjury in respect of the answer.
(5) In this section a reference to officers or to agents includes past, as well as present, officers or agents (as the case may be); and "agents", in relation to a company or other corporation, includes its bankers and solicitors and persons employed by it as auditors, whether these persons are or are not officers of the company or other corporation.
37. (1) An inspector appointed under section 33 or 34 may, by instrument in writing, delegate to any person the powers conferred by section 36 to require the production of any books or documents and to put questions to officers and agents otherwise than on oath, or either of those powers.
(2) Where 2 or more inspectors are appointed as aforesaid in respect of the same investigation, the power conferred by this section may be exercised by any of them.
38. (1) When an inspector is appointed under section 33 or 34 this section applies in the case of—
(a) any officer or agent of the listed company;
(b) any officer or agent of another corporation whose shares or deben-
tures are investigated under section 35; and
SECURITIES (DISCLOSURE OF INTERESTS)
(c) any such person as is mentioned in section 36(2). (2) If that person—
Ord. No. 63/88
A365
(a) refuses to produce any book or document which it is his duty
under section 36 to produce; or
(b) refuses to attend before an inspector when required to do so; or
(c) refuses to answer any question put to him by an inspector with respect to the shares or debentures of the company or other corporation (as the case may be),
the inspector may certify the refusal in writing to the High Court.
(3) The High Court may thereupon enquire into the case; and, after hearing any witnesses who may be produced against or on behalf of the alleged offender and after hearing any statement which may be offered in defence, the Court may punish the offender in like manner as if he had been guilty of contempt of the Court.
(4) References in this section to an inspector include any person to whom the powers of an inspector are delegated under section 37.
(5) Section 36(5) shall apply with regard to references in subsection (1) to an officer or agent.
39. (1) The inspector may, and if so directed by the Financial Inspector's Secretary shall, make interim reports to the Financial Secretary, and on the reports conclusion of the investigation shall make a final report to him.
(2) Any such report shall be written or printed, as the Financial Secretary directs.
(3) The Financial Secretary may, if he thinks fit—
(a) forward a copy of any report made by the inspector to the listed company's registered office or principal place of business in Hong Kong;
(b) furnish a copy on request and on payment of the fee provided in
the regulations to—
(i) any member of the listed company or other corporation which is the subject of the report;
(ii) any person whose conduct is referred to in the report; (iii) the auditors of that listed company or corporation; (iv) the applicants for the investigation;
(v) any other person whose financial interests appear to the Financial Secretary to be affected by the matters dealt with in the report, whether as a creditor of the listed company or corporation, or otherwise; and
(c) cause any such report to be printed and published.
1985 c. 6, s. 437
the affairs of a
40. (1) The expenses of and incidental to an investigation by an Expenses of inspector appointed by the Financial Secretary under section 33 or 34 shall investigation of be defrayed in the first instance out of general revenue, but the following company persons shall, to the extent mentioned, be liable to repay such expenses to the Government--