Securities
[CAP. 333
65
(c)
the Commission has reason to believe that a dealer has failed to comply with section 65B, (Added 58 of 1985 s. 59)
the Commission may, if it is satisfied that it is in the interests of the dealer concerned, the dealer's clients, or the general public, to do so, appoint in writing an auditor to examine, audit, and report, either generally or in relation to any matter, on the books, accounts, and records of, and securities held by, the dealer. (Amended 58 of 1985 s. 59)
(2) Where the Commission is of the opinion that the whole or any part of the costs and expenses of an auditor appointed by it under this section should be borne by the dealer concerned or the Exchange Company, it may, by order in writing, direct the dealer or the Exchange Company to pay a specified amount, being the whole or part of those costs and expenses, within the time and in the manner specified. (Amended 58 of 1985 s. 59)
(3) Where a dealer or Exchange Company has failed to comply with an order of the Commission under subsection (2), the amount specified in the order may be sued for and recovered by the Commission as a debt in any court of competent jurisdiction. (Amended 58 of 1985 s. 59)
(Amended 10 of 1989 s. 65)
91. Power of Commission to appoint an auditor
on the application of a client
(1) On receipt of an application in writing from a person who alleges that a dealer has failed to account to him in respect of any money or securities held or received by that dealer for him or on his behalf, the Commission may, after first giving the dealer an opportunity to give an explanation of the failure, appoint in writing an auditor to examine, audit, and report, either generally or in relation to any particular matter, on the books, accounts, and records of, and securities held by, that dealer.
(2) Every application under subsection (1) shall state-
(a) particulars of the circumstances under which the dealer received the money or securities in respect of which he is alleged to have failed to account;
(b) particulars of that money or those securities and of the
transactions of the applicant and the dealer relating thereto; and
(c) such other particulars as may be prescribed by regulations.
(3) Every statement in any such application shall be verified by statutory declaration made by the applicant and shall, if made in good faith and without malice, be privileged.
(4) The Commission shall not appoint an auditor under subsection (1) unless it is satisfied-
(a) that the applicant has good reason for making the application;
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