Investiga-
tion of
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(2) A copy of the statement shall be put up in a cou- spicuous place in the registered office of the conipaux, and in every branch office or place where the business of the company is carried on.
(3) Every member and every creditor of the company shall be entitled to a copy of the statement, on payment of a stum not exceeding twenty-five cents,
(4) If default is made in compliance with this section, the company shall be liable to a fine not exceeding fifty dollars for every day during which the default continues: and every director and manager of the company who kuow- ingly and wilfully authorises or poronits the default shall be liable to the like penalty.
(5) For the purposes of this Ordinance a company that carries on the business of insurance in common with any other business or businesses shall be deemed to be au insurance company.
(6) This section shall not apply to any Life Insurance Company to which the provisions of the Life Insurance Companies Ordinances 1907 and 1909, as to the annual starement to be made by such a company, apply with or without modifications, if the company complies with those provisions.
Inspection and Audit,
110.--(1) The court may appoint one or more com- perent inspectors to investigate the affairs of any com- company by pany and to report thereon in such manner as the court
directs- inspectors.
affairs of
& Ewd. 7 c.
69 s. 109,
(i) In the case of a banking company having a share capital, on the application of members holding not less than one third of the shares issued:
(ii) In the case of any other company having a share capital, on the application of members holding not less than one tenth of the shares issued:
(u) In the case of a company not having a siare capital, on the application of not less than one fifth in number of the persons on the company's register of members.
(2) The application shall be supported by such evidenes As the court may require for the purpose of showing that the applicants have good reason for, and are not actuated by malicious motives in requiring, the investigation; and the court may, before appointing an inspector, require the applicants to give security for payment of the costs of the inquiry.
(3) It shall be the duty of all officers and agents of the company to produce to the inspectors all hooks and doen- ments in their custody or power.
(4) An inspector may examine ou oath the officers and agents of the company in relation to its business, and may administer an outh accordingly.
(5) If any officer or agent refuses to produce any book or document which under this section it is his duty to produce, or to auswer any question relating to the affairs of the company, he shall be liable to a fine not exceeding fifty dollars in respect of each offence,
(6) On the conclusion of the investigation the inspectors shull report their opinion to the court, and a copy of the report shall be forwarded by the registrar of the court to the registered office of the company, and a further copy shall, at the request of the applicants for the investigation, he delivered to them.
The report shall be written or printed. as the court may direct.
(7) All expenses of and incidental to the investigation shall be defrayed by the applicants, unless the court direct the same to be paid by the company, which the court is hereby authorised to do.
45
111) A company may by special resolution appoint rower of inspectors to investigate its affairs.
company to appoint (2) Iuspectors so appointed shall have the same powers inspectors. and duties as inspectors appointed by the court, except & Edw. 7 c. that, instead of reporting to the court, they shall report in 69 s. 110. sueli manner and to such persons as the company in general mesting may direct.
(3) Officers and agents of the company shall insur the like penalties in case of refusal to produce any book or doennent required to be produced to inspectors so ap- pointed, or to answer any question, as they would have incurred if the inspectors had been appointed by the
court.
112. A copy of the report of any inspectors appointed Report of under this Ordinance, authenticated by the seal of the inspectors to company whose affairs they have investigated, shall be be evidence. admissible in any legal proceeding as evidence of the opinion of the inspectors in relation to any matter contained in the report.
Th, s. 111
118.-(1) Every company shall at each amuni general appoint- meeting appoint au saditor or auditors to hold office until ment and the next anal general meeting.
remunera- tion of
(2) If an appointment of auditors is not made at an auditors. annual general meeting, the court mey, on the application of Ib. s. 112. any member of the company, appoint au auditor or enditors
of the company for the current year, and fix the remunera- tion to be paid to him or them by the company for his ser- vices,
(3) A director or officer of the company or the partner or employee of such director shall not be capable of being appointed auditor of the company.
(4) A person, other than a retiring nulitor, shall not bg capable of being appointed auditor at an annual general meeting unless notice of an intention to nominate that person to the office of auditor has been given by a share- holder to the company not less than fourteen days before the manual general meeting, and the company shall cond a copy of any such notice to the retiring auditor, aud shall give notice thereof to the shareholders, either by advertisement or in any other mode allowed by the articles, not less than seven days before the annual general meeting: Provided that if, after a untice of the intention to nomi- ate a anditor has been so given, an annual general meet- ing is called for a date fourteen days or less after that notice has been given, the notice, though not given within the simse required by this provision, shall be deeme! to have been properly given for the purposes thereof, and the notics to be sent or given by the company may, instead of being sout or given within the time required by this provi- sion, be sena or given at the same time as the notice of the annual general meeting.
(5) The first auditors of the company may be appointed by the directors before the statutory meeting, and if so appointed shall hall office mutil the first anal general meeting, unless previously removed by a resolution of the shareholders in general meeting, in which case the share- holders at that meeting my appoint auditors,
(6) The directors may fill any casual vacancy in the office of auditor, but while any such vacancy continues the surviving or continuing auditor or auditors, if any, may act. (7) The remuneration of the auditors of a company shall be fixed by the company in general mecting, except that the remuneration of any auditors appointed before the staintory meeting, or to fill any casual vacancy, may be fixed by the directors.
114-(1) Every auditor of a company shall have a right Powers and of access at all times to the books and accounts and vouchers duties of b. s. 113. of the company, and shall be entitled to requiro from the auditors, directors and officers of the company such information and explanation as may be necessary for the performance of the duties of the auditors.
(2) The auditors shall make a report to the shareholders on the accounts examined by them, and ou every balance sheet laid before the company in general meeting during their tenure of oflice, and the report shall state~ -
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