Clause 53

by inserting, immediately after subsection (4), the following subsection:“(4A) If an inspector has reasonable grounds for believing that a director or past director of the company or of a corporation which is or has at any time been deemed to be or to have been related to that company by virtue of section 6 whose affairs the inspector is investigating maintains or has maintained a bank account of any description, whether alone or jointly with another person and whether in Singapore or elsewhere, into or out of which there has been paid any money which has been in any way connected with any act or omission or series of acts or omissions, which on the part of that director constituted misconduct (whether fraudulent or not towards that company or that related company or its members) an inspector may require the director to produce to him all documents in the director’s possession or under his control relating to that bank account.”; and

by inserting, immediately after the word “corporation” in the sixth line of subsection (5), the words “or that officer or agent is a director or past director to whom subsection (4A) applies, if he fails to comply with a requirement of an inspector under that subsection”.