144
CAP. 32]
Companies
[1984 Ed.
Investigation of the affairs of a company on
application of members.
1948 c. 38. s. 164.
Investigation of the affairs of a company in other cases. 1948 c. 38. s. 165.
Inspection
142. (1) The Financial Secretary may appoint one or more competent inspectors to investigate the affairs of a company and to report thereon in such manner as the Financial Secretary may direct-
(a) in the case of a company having a share capital, on the application either of not less than 100 members or of members holding not less than one-tenth of the shares issued;
(b) in the case of a company not having a share capital, on the application of not less than one-tenth in number of the persons on the company's register of members.
(2) The application shall be supported by such evidence as the Financial Secretary may require for the purpose of showing that the applicants have good reason for requiring the investigation, and the Financial Secretary may, before appointing an inspector, require the applicants to give security in such amount as he may require for payment of the costs of the investigation. (Amended, 6 of 1984, s. 97)
(Replaced, 4 of 1963, s. 8)
143. (1) Without prejudice to his powers under section 142, the Financial Secretary--
(a) shall appoint one or more competent inspectors to investigate the affairs of a company and to report thereon in such manner as the Financial Secretary may direct, if the court by order declares that its affairs ought to be investigated by an inspector appointed by the Financial Secretary; and
(b) may do so if the company by special resolution declares that its affairs ought to be investigated by an inspector appointed by the Financial Secretary and the company gives security in such amount as the Financial Secretary may require; and (Amended, 6 of 1984, s. 98)
(c) may also do so if it appears to the Financial Secretary that there are circumstances suggesting-
(i) that the business of the company has been or is being conducted with intent to defraud its creditors or the creditors of any other person or otherwise for a fraudulent or unlawful purpose or in a manner oppressive of any part of its members or that it was formed for any fraudulent or unlawful purpose; or (Amended, 78 of 1972, s. 16)
(ii) that persons concerned with its formation or the management of its affairs have in connection therewith been guilty of fraud, misfeasance or other misconduct towards it or towards its members; or
(iii) that its members have not been given all the information with respect to its affairs that they might reasonably expect. (Added, 4 of 1963, s. 8)