Singapore legislation
Clause 42
Clause 42
Provisions supplementary to sections 40 and 41
(1)
For the purposes of an inspection under section 40 or an investigation under section 41, the designated financial holding company or a company within its FHC group shall —
produce its books to the Authority and afford the Authority access thereto;
provide such information or facilities as may be required by the Authority to conduct the inspection or investigation; and
in the case where the books are not in the possession of the designated financial holding company or the company within the FHC group, as the case may be, procure that any person who is in possession of such books produce the books to the Authority and give such information and facilities as may be required by the Authority.
(2)
The books referred to in subsection (1) shall not be required to be produced at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of that designated financial holding company or that company within the FHC group, as the case may be.
(3)
The Authority may appoint any person to exercise the powers of the Authority under section 40 or 41.
(4)
The remuneration and expenses of the person appointed under subsection (3) shall be paid by the designated financial holding company.
(5)
The Authority may make copies of, or take possession of, any of the books produced to it under subsection (1).
(6)
Any designated financial holding company or any company within the FHC group which, without reasonable excuse, contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
(7)
Where the offence under subsection (6) is proved to have been committed with the consent of, or to be attributable to any negligence on the part of an officer of the company, that officer shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.