Repeal and replacement of section 39.
Amendment of section 40.
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(b) inserting the following new subsection after subsection
(2)—–—
"QA) The Commissioner may require any statement submitted to him pursuant to subsection (1), or any information submitted to him pursuant to a requirement under subsection (2), to be accom panied by a certificate-
(a) of the auditor appointed under subsection (1) of section 36 or of the auditors appoint- ed under subsections (1) and (2) of section 36, as the case may be;
(6) in the case of a bank which has been exempted under subsection (4) of section 37 from the provisions of section 36, of ap auditor approved by the Commissioner for the purposes of this paragraph,
as to whether or not, in the opinion of the auditor or auditors, the statement or information is correct”.
39. Section 39 of the principal Ordinance is repealed and replaced by the following-
"Production of bank's books, ex.
39. For the purpose of an inspection or investi- gation under section 15, a bank shall afford the per- son carrying out the inspection or investigation access to its books and accounts, to documents of title to its assets and other documents, to all securities held by it in respect of its customers' transactions and its cash and to such information and facilities as may be required to conduct the inspection or investiga tion, and shall produce to the person carrying out the inspection or investigation such books, accounts, documents, securities, cash or other information as he may require:
Provided that, so far as is consistent with the conduct of the inspection or investigation, such books, accounts, documents, securities and cash shall not be required to be produced at such times and such places as shall interfere with the proper conduct of the normal daily business of the bank.".
40, Section 40 of the principal Ordinance is amended by- (a) being renumbered as subsection (1) thereof;
(6) deleting "Where the Commissioner or some other person has assumed control of a bank by virtue of the provisions
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of paragraph (iii) of subsection (1) of section 13" and substituting the following-
"Where the Commissioner has assumed control of the business of a bank under paragraph (iii) of sub- section (1) of section 13 or pursuant to an order of the Governor in Council under paragraph (ii) of subsection (1) of section 14, or some other person has assumed control of the business of a bank pur- suant to a direction of the Commissioner under paragraph (iii) of subsection (1) of section 13 or an order of the Governor in Council under paragraph (ii) of subsection (1) of section 14"; and
(c) adding the following new subsections—
"(2) Without prejudice to the provisions of subsection (1). where by reason of the absence of directors or for any reason whatsoever the seal of a bank whose business is-
(a) in the control of the Commissioner under paragraph (ii) of subsection (1) of section 13 or pursuant to an order of the Governor in Council under paragraph (1) of subsec- tion (1) of section 14, or
(b) in the control of some other person pur- suant to a direction of the Commissioner under paragraph (iii) of subsection (1) of section 13 or an order of the Governor in Council under paragraph (ii) of subsection (1) of section 14,
cannot be affixed to an instrument in accordance with the bank's articles of association or regulations, the seal may be affixed in the presence of, and its affixing may be attested by, the Commissioner or such other person or a person authorized for the purpose by the Commissioner or such other person.
(3) Where the seal of a bank has been affixed to an instrument, and the affixing thereof has been attested, in accordance with subsection (2), no person shall be concerned to see that the seal could not be affixed in accordance with the bank's articles of association or regulations.”.
41. Section 41 of the principal Ordinance is amended by- (a) deleting "of an offence in any country" in paragraph (b)
and substituting the following-
"in any country of an offence":
Amendment of section 41.