Credit Union Act, 1997
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Notice to furnish books, information etc. |
91.—(1) If required to do so by notice in writing served by the Registrar at any time or by an authorised person in the course of an inspection under section 90 — | |
(a) a credit union, | ||
(b) any person who is or has been an officer, member, voluntary assistant, agent or liquidator of a credit union, and | ||
(c) any other person who has in his possession or power any books or documents relating to a credit union, | ||
shall furnish to the Registrar or authorised person such books or documents which relate to the credit union and are in his possession or power and such information relating to the business of the credit union as may be specified in the notice and as may be reasonably required by the Registrar or authorised person in the exercise of his powers under this Act. | ||
(2) If required to do so by a notice in writing served on it by the Registrar or by an authorised person as mentioned in subsection (1), a credit union shall furnish to the Registrar or authorised person a financial statement or periodic financial statements in such form and containing such information as may be specified in the notice and as may be reasonably required by the Registrar or authorised person in the exercise of his powers under this Act. | ||
(3) If a notice under subsection (1) or subsection (2)— | ||
(a) requires that any item or information is to be furnished within a period, or at a time or place specified in the notice, or | ||
(b) requires that any information is to be verified by a statutory declaration, | ||
the credit union or person on whom the notice is served shall not be regarded as complying with the notice unless that requirement is also complied with. | ||
(4) The Registrar or an authorised person may take copies of or extracts from any item produced in compliance with a notice under subsection (1) or subsection (2) and, if so required by the Registrar or an authorised person, the person on whom a notice under subsection (1) was served or, in the case of a statement produced in compliance with a notice under subsection (2), a person who is or has been an officer, member, voluntary assistant, agent or liquidator of the credit union shall provide any explanation which may reasonably be required of an item so produced. | ||
(5) If a person on whom a notice is served under subsection (1) does not have in his possession or under his control any item specified in the notice but has knowledge of its whereabouts, he shall not be regarded as complying with the notice unless he states to the best of his knowledge and belief where the item is and, if so required, verifies that information by a statutory declaration. | ||
(6) The production by any person of any item forming part of the books and documents of a credit union shall not prejudice any lien which that person claims over that item; but nothing in this section shall compel— | ||
(a) the production by a barrister or solicitor of any document containing a privileged communication made by or to him in that capacity; or | ||
(b) the furnishing of information contained in a privileged communication so made. | ||
(7) A credit union or other person failing, without reasonable excuse, to comply with a notice under subsection (1) or subsection (2) shall be guilty of an offence. | ||
(8) If the Registrar considers it just and so requires by notice in writing, all or any of the expenses incurred by him in exercising his powers under subsection (1) shall be met, either wholly or to such extent as he may so require— | ||
(a) out of the funds of the credit union; or | ||
(b) by the officers or former officers of the credit union or any of them; | ||
and any sum which a credit union or other person is required to pay by a notice under this subsection shall be recoverable summarily by the Registrar as a civil debt. | ||
(9) In this section “agent”, in relation to a credit union, includes its bankers, accountants, solicitors, auditors and its financial and other advisers. |