COMPANIES.
No. 58 of 1911.
2135
(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 25 cents.
(4) If default is made in compliance with this section, the company shall be liable to a fine not exceeding 50 dollars for every day during which the default continues; and every director and manager of the company who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.
(5) For the purposes of this Ordinance company that carries on the business of insurance in common with any other business or businesses shall be deemed to be an insurance company.
1907.
(6) This section shall not apply to any life insurance company to which the provisions of the Life Insurance Companies Ordinance, No. 11 of 1907, as to the annual statement 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 competent inspectors to investigate the affairs of any company and to report thereon in such manner as the Court directs:
(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:
(iii) 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 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 books and documents in their custody or power.
8 Edw. 7 c 69 s. 109.
COMPANIES.
No. 58 of 1911.
2135
(3) Every member and every creditor of the company shall be entitled to a copy of the statement, on payment of a sum not ex- ceeding 25 cents.
(4) If default is made in compliance with this section, the com- pany shall be liable to a fine not exceeding 50 dollars for every day during which the default continues; and every director and manager of the company who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.
(5) For the purposes of this Ordinance company that carries on the business of insurance in common with any other business or businesses shall be deemed to be an insurance company.
1907.
(6) This section shall not apply to any life insurance company to which the provisions of the Life Insurance Companies Ordinance, No. It of 1907, as to the annual statement to be made by such a company, apply with or without modifications, if the company complies with those provisions.
Inspection and Audit.
tion of
110.-(1) The Court may appoint one or more competent Investiga- inspectors to investigate the affairs of any company and to report affairs of thereon in such manner as the Court directs:
(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 :
(iii) 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 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 books and documents in their cus- tody or power.
company by inspectors.
8 Edw. 7
e 69 s. 109.
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