Clause 17

Where it appears to the Minister that there is good reason to investigate the ownership of any shares in or debentures of a corporation and that it is unnecessary to appoint an inspector for the purpose, he may require any person whom he has reasonable cause to believe —

to be or to have been interested in these shares or debentures; or

to act or to have acted in relation to those shares or debentures as the agent of someone interested therein,to give him any information which he has or can reasonably be expected to obtain as to the present and past interests in those shares or debentures and the names and addresses of the persons interested and of any persons who act or have acted on their behalf in relation to the shares or debentures.(2) For the purposes of this section, a person shall be deemed to have an interest in a share or debenture if he has any right to acquire or dispose of the share or debenture or any interest therein or to vote in respect thereof, or if his consent is necessary for the exercise of any of the rights of other persons interested therein, or if other persons interested therein can be required or are accustomed to exercise their rights in accordance with his instructions.(3) Any person who fails to give any information required of him under this section, or who in giving any such information makes any statement which he knows to be false in a material particular, or recklessly makes any statement which is false in a material particular, shall be guilty of an offence under this Act and shall be liable on conviction to imprisonment for a term not exceeding twelve months or to a fine not exceeding two thousand five hundred dollars or to both such imprisonment and fine.(4) This section shall apply to a banking corporation but nothing therein shall, subject to the provisions of the Banking Act, 1970 (Act 41 of 1970), require disclosure by a banking corporation to the Minister of any information as to the affairs of any of its customers other than the corporation of which it is the banker.”.