Clause 49

The Commissioner may, from time to time, inspect or cause to be inspected under conditions of secrecy, the books, accounts and transactions of any chit fund company.

The Minister may at any time direct the Commissioner to make an investigation, under conditions of secrecy, of the books, accounts and transactions of a chit fund company, if he has reason to believe that such chit fund company is carrying on its business in a manner detrimental to the interests of its subscribers and other creditors or has insufficient assets to cover its liabilities to the public, or is contravening the provisions of this Act or the regulations made thereunder.

The Commissioner may appoint any auditor, other than the auditor appointed by the chit fund company under the provisions of section 172 of the Companies Act (Cap. 185), to exercise the powers of the Commissioner under subsections (1) and (2) of this section.

For the purpose of an inspection or investigation under this section, a chit fund company shall afford the Commissioner access to its books, accounts and documents and shall give such information and facilities as may be required to conduct the investigation:Provided that such books, accounts and documents shall not be required to be produced at such times and at such places as shall interfere with the proper conduct of the normal daily business of that chit fund company.

If any book, account or document or information is not supplied in accordance with subsection (4) of this section, the chit fund company concerned shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding two thousand dollars and to a further fine of two hundred and fifty dollars for every day during which the default continues after conviction.