Industrial and Provident Societies (Amendment) Act, 1978

Registrar's power to investigate a credit union's affairs.

22.—(1) Whenever it appears to the Registrar to be expedient to do so in the interest of the orderly and proper regulation of the business of a credit union, the Registrar may appoint one or more than one inspector to investigate and report to him, in such manner as he may direct, on the affairs of the credit union, and for that purpose such an inspector may require the production of all or any of the books, accounts, deeds, records or other documents of the credit union and may examine on oath its officers, members and agents in relation to its business, and may administer an oath to any such person.

(2) Where an inspector appointed under this section to investigate the affairs of a credit union thinks it necessary for the purpose of his investigation to investigate also the affairs of any other society or body corporate which is or has at any relevant time been associated with the credit union, he may, with the approval of the Registrar, do so, and shall report to the Registrar on the affairs of the associated society or body corporate to such extent as he thinks the results of his second or further investigation are relevant to his investigation of the affairs of the credit union.

(3) All expenses of or incidental to an investigation under this section shall be defrayed out of the funds of the credit union or by the members (or former members) or officers of the credit union, in such proportions as the Registrar shall direct.