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(2) Without prejudice to the provisions of section 13, the Finan- cial Secretary shall order the Commissioner to investigate the books, accounts and transactions of a bank-→→
(a) if he has reason to believe that the bank-
(i) is carrying on its business in a manner detrimental to the interests of its depositors or of its creditors;
(ii) is insolvent or is likely to become unable to meet its obligations or is about to suspend payment:
(iii) has contravened or failed to comply with or may con- travene or fail to comply with any of the provisions of this Ordinance; or
(iv) bas contravened or failed to comply with or may con- travene or fail to comply with any condition attached to its licence;
(6) if shareholders of the bank (bolding not less than one-third of the total number of issued shares in the bank) or depositors (holding not less than one-third of the gross amount of the total deposit liabilities in the Colony of the bank) apply to him to order an investigation and submit to him such evidence as be may consider necessary to justify an investigation and furnish such security for the payment of the costs of the in- vestigation as he may require; or
(c) if a bank suspends payment or informs him of its intention to
do so.
(3) After the conclusion of the investigation, the Commissioner shall submit a report thereon to the Financial Secretary who shall forward a copy thereof to the bead office of the bank concerned.
(4) Where any investigation is carried out pursuant to the pro- visions of subsection (2), the Financial Secretary may order that all expenses incurred by or incidental to such investigation shall be de- frayed--
(a) by the bank investigated; or
(b) if the investigation was made pursuant to an application there- for submitted under paragraph (b) of that subsection, either wholly by the applicants or partly by the applicants and partly by the bank in such proportions as may appear to the Financial Secretary to be just.
16. (1) The Commissioner shall exercise general supervision and General control over the carrying out of the provisions of this Ordinance.
powers of Commis-
(2) The Commissioner may authorize any person to assist him in sioner, the exercise of his functions and duties under this Ordinance either generally or in any particular case.
(3) The Commissioner shall, in the exercise of his functions and duties under this Ordinance, be subject to, and shall comply with, such general or special directions as the Financial Secretary may give.
Hosored
17. (1) Where the Commissioner or some other person has Control of assumed control of the business of a bank by virtue of a direction bank by the under paragraph (iii) of subsection (1) of section 13 he shall, subject Commis- to the provisions of subsection (2) of this section, remain in control of stoner. and continue to carry on the business of that bank in the name and on behalf of the bank until-
(a) the deposits of the bank have been repaid, or the Financial Secretary is satisfied that suitable provision has been made for their repayment; and
(b) it is no longer necessary, in the opinion of the Financial Secretary, for the Commissioner or such other person to re- main in control of the business of the bank.
(2) Where the Commissioner or some other person has, by virtue of paragraph (ii) of subsection (1) of section 13, assumed control of the business of a bank, the Governor in Council, upon the application of the bank, may, if he is satisfied that it is no longer necessary for the protection of the depositors of the bank that the Commissioner or such other person should remain in control of the business of the bank, order that the Commissioner or such other person shall cease to con- trol the business of the bank as from a date specified in the order.
(3) Where the control of the business of any bank has been assumed by the Commissioner or some other person by virtue of any of the provisions of section 13 or 14 or has been relinquished pursuant to any of the provisions of this section, the Financial Secretary shall cause to be published in the Gazette a notification of the fact of the assumption or cessation of such control, as the case may be.
PART V.
DUTIES OF BANKS.
18. (1) A bank shall maintain at all times a minimum bolding of Minimum specified liquid assets, free from encumbrances, in accordance with the bolding of
specified provisions of this section.
liquid assets.