228
92
CAP. 155]
Banking
[1987 Ed.
1
Powers of the inspector and offences in connection with the investigation.
commits an offence and is liable on conviction upon indictment or on summary conviction to a fine of $20,000 and to imprisonment for 2 years.
(81
118. (1) Subject to this section, the inspector may determine the manner in which an inquiry under section 117 is to proceed.
(2) If the inspector thinks it necessary for the purposes of his investigation, he may also investigate the business of any company which is or has at any relevant time been-
(a) a holding company or subsidiary of the body whose
business is under investigation;
(b) a subsidiary of a holding company of that body; or
(c) a holding company of a subsidiary of that body.
(3) It shall be the duty of every director, manager, employee, or agent of a company whose business is under investigation (whether by virtue of section 117(2) or subsection (2)) and any person who has in his possession books, papers or information relevant to the investigation--
(a) to produce to the inspector all books and papers relating to the company concerned which are in his custody or power;
(b) to attend before the inspector when required to do so; and
(c) to answer truthfully and to the best of his ability any questions which may be put to him by the inspector and which are relevant to the investigation:
Provided that an inspector shall not require the disclosure by a solicitor or counsel of any privileged communication, whether oral or written, made to or by him in that capacity.
(4) Anything said by any person in answer to a question put by the inspector under subsection (3)(c) shall be inadmissible in any criminal proceedings other than criminal proceedings brought under this section.
(5) Any director, manager, employee or agent of a company and any other person who--
(a) without reasonable excuse fails to produce any books or papers which it is his duty to produce under subsection (3);
or
(b) without reasonable excuse fails to attend before the inspector when required to do so under this section; or
(c) fails to answer to the best of his ability any question which is put to him by an inspector with respect to a business which is under investigation under section 117 or to the business of any body corporate which is being investigated by virtue of subsection (2),
1
228
92
CAP. 155]
Banking
[1987 Ed.
1
Powers of the inspector and offences in connection with the investigation.
commits an offence and is liable on conviction upon indictment or on summary conviction to a fine of $20,000 and to imprisonment for 2 years.
(81
118. (1) Subject to this section, the inspector may determine the manner in which an inquiry under section 117 is to proceed.
(2) If the inspector thinks it necessary for the purposes of his investigation, he may also investigate the business of any company which is or has at any relevant time been-
(a) a holding company or subsidiary of the body whose
business is under investigation;
(b) a subsidiary of a holding company of that body; or
(c) a holding company of a subsidiary of that body.
(3) It shall be the duty of every director, manager, employee, or agent of a company whose business is under investigation (whether by virtue of section 117(2) or subsection (2)) and any person who has in his possession books, papers or information relevant to the investigation--
(a) to produce to the inspector all books and papers relating to the company concerned which are in his custody or power;
(b) to attend before the inspector when required to do so; and
(c) to answer truthfully and to the best of his ability any questions which may be put to him by the inspector and which are relevant to the investigation:
Provided that an inspector shall not require the disclosure by a solicitor or counsel of any privileged communication, whether oral or written, made to or by him in that capacity.
(4) Anything said by any person in answer to a question put by the inspector under subsection (3)(c) shall be inadmissible in any criminal proceedings other than criminal proceedings brought under this section.
(5) Any director, manager, employee or agent of a company and any other person who--
(a) without reasonable excuse fails to produce any books or papers which it is his duty to produce under subsection (3);
or
(b) without reasonable excuse fails to attend before the inspec-
tor when required to do so under this section; or
(c) fails to answer to the best of his ability any question which is put to him by an inspector with respect to a business. which is under investigation under section 117 or to the business of any body corporate which is being investigated by virtue of subsection (2),
1
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