80
Examination
of affairs
of company
by inspectors appointed by Governor.
25 & 26 Vict. c. 89 s. 56.
Evidence in
Ib. s. 67.
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 1865.
Investigation of Affairs.
105. The Governor may appoint one or more competent inspectors to examine into the affairs of any company under this Ordinance, and to report thereon, in such manner as the Governor may direct, on the applications following; that is to say,—
(1.) In the case of a company having a capital divided into shares, on the application of members holding not less than one-fifth part of the whole shares of the company for the time being issued; and (2.) in the case of a company not having a capital divided into shares, on the application of members being in number not less than one-fifth of the whole number of persons for the time being entered on the register of the company as members.
106. The application shall be supported by such evidence as the Governor may require for the purpose of showing that the applicants have good reason for requiring such investigation to be made, and that they are not actuated by malicious motives in instituting the same; and the Governor may also require the applicants to give security for payment of the costs of the inquiry before appointing any inspector or inspectors.
Inspection
of books.
Ib. s. 58.
Mode of dealing with result of examination.
Ib. s. 69.
107.—(1.) It shall be the duty of all officers and agents of the company to produce for the examination of the inspectors all books and documents in their custody or power.
(2.) Any inspector may examine upon oath the officers and agents of the company in relation to its business, and may administer such oath accordingly.
(3.) If any officer or agent refuses to produce any book or document hereby directed to be produced, or to answer any question relating to the affairs of the company, he shall be liable to a penalty not exceeding fifty dollars in respect of each offence.
108.—(1.) On the conclusion of the examination the inspectors shall report their opinion to the Governor.
(2.) The report shall be written or printed, as the Governor may direct.
(3.) A copy of the report shall be forwarded by the Colonial Secretary to the registered office of the company, and a further copy shall, at the request of the members on whose application the examination was made, be delivered to them or to any one or more of them.
(4.) All expenses of and incidental to any such examination as aforesaid shall be defrayed by the members on whose application the inspectors were appointed, unless the Governor directs the same to be paid out of the assets of the company, which he is hereby authorized to do.