23164-1911-Supplementary-Bill-re-published--Companies — Page 43

Investiga.

tion of

affairs of

company by inspectors. Ib. a. 109.

852

(2) A copy of the statement shall be put up in a con- spicuous place in the registered office of the company, 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 sum not exceeding twenty-five cents.

(4) If default is made in compliance with this section, the company shall be liable to a fine not execoding fifty dollars for every day during which the default continues; and every director and manager of the company who know- ingly and wilfully authorises or permits the default shall be liable to the like penalty.

(5) For the purposes of this Ordinance a company that carries on the bushess of insurance in common with any other business or businesses shall be doomed to be så insurance company.

(6) This section shall not apply to any Life Insurance Company to which the provisions of the Life Insurance Companies Online es 107 and 1909, as to the annual statement to be made by such a company, apply with or without modifieations, if the company complies with thos provisions.

Inspection and Audit,

110.-(1) The [Governor] may appoint one or more Court competent inspectors to investigate the affairs of any com- pany and to report thereon in such manner as the (Governor] Court directs--

(7) In the case of a bunking company having a share capital, on the application of members bolding not less than one third of the shares issued:

(2) In the case of any ether company having a share capital, on the application of members holding not less than one tenth of the shares issued:

(227) In the ease of a company not having a share expital, on the application of at 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 Court the applicants have good reason for, and are not actuated

by malicious motives in requiring, the investigation; and

the [Governor] may, before appointing an insperior, require Court 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 docu- 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 respect of each offence.

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

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

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