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Notice of inquiry, submissions, attendance and adjournment
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45. The Act of 1942 is amended by the substitution of the following section for section 33AP:
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“33AP. (1) Before holding an inquiry under section 33AO, the Bank shall give notice in writing of the proposed inquiry to the person concerned.
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(2) The notice under subsection (1) must specify the grounds on which the Bank’s suspicions are based.
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(3) In the notice under subsection (1) or by a separate notice or notices the Bank shall also—
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(a) specify a date, time and place at which the Bank will hold the inquiry, and
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(b) either invite the person concerned to attend the inquiry or invite the person concerned to make written submissions about the matter to which the inquiry relates.
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(4) A person concerned, whether or not invited to attend the inquiry, may, before the date of the inquiry, lodge with the Bank any written submissions that the person wishes the Bank to take into account when considering the matter to which the inquiry relates.
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(5) The Bank may adjourn an inquiry from time to time and from place to place, but if it does so it shall ensure that the person concerned is notified of the date, time and place at which the inquiry is to be resumed.
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(6) The Bank may proceed with an inquiry in the absence of the person concerned so long as that person has been given an opportunity to attend the inquiry or to lodge any written submissions in accordance with subsection (4).”.
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