17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 43

Power of company to appoint inspectors.

s Edw. 7 c. BU s. 110.

492

() 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 :

(i) In the case of a company not having a share 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 evidence as the Governor 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 Governor 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 books and doen- ments in their custody or power,

(4) An inspector may examine on oath the officers and agents of the company in relation to its business, and may administer an oath 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 answer any question relating to the affairs of the company, he shall be liable to a fine not exceeding fifty dollars in resport of each offence.

(6) On the conclusion of the investigation the inspectors shall report their opinion to the Governor, and a copy of the report shall be forwarded by the Colonial Secretary to the registered office of the company, and a further copy shali, at the request of the applicants for the investigation, be delivered to them.

The report shall be written or printed, as the Governor 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.

110-(1). A company may by special resolution appoint inspectors to investigate its affairs.

(2) Inspectors so appointed shall have the same powers and duties as inspectors appointed by the Governor, except that, instead of reporting to the Governor, they shall report in such manner and to such persous as the company in general meeting may direct.

(3) Officers and agents of the company shall incur the like penalties in case of refusal to produce any book or dornment 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 Governor,

111. A copy of the report of any inspectors appointed Report of inspectors to under this Ordinance, authenticated by the seal of the le evidence company whose affairs they have investigated, shall be admissible in any legal proceeding as evidence of the opinion of the inspectors in relation to any matter contained in the report.

7. s. 111.

Appoint- ment and

remunera- tion of auditors.

Zb. A. 112.

112.-(1) Every company shall at each annual general meeting appoint an auditor or auditors to hold office until the next annual general meeting.

(2) If an appointment of auditors is not made at an annual general meeting, the Governor may, on the applica- tion of any member of the company, appoint an auditor of the company for the current year, and fix the remuneration to be paid to him by the company for his services.

(3) A director or officer of the company shall not be capable of being appointed anditor of the company.

(4) A person, other than a retiring au litor, shall not be capable of being appointed auditor at an ananal general meeting less 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 annual general meeting, and the company shall send a

}