Clause 16

The Commissioner may, from time to time, inspect or cause to be inspected under conditions of secrecy, the books, accounts and transactions of any finance company and of any branch, agency or office outside Singapore opened by a finance company incorporated in Singapore.(2) 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 finance company, if he has reason to believe that such finance company is carrying on its business in a manner detrimental to the interests of its depositors and other creditors or has insufficient assets to cover its liabilities to the public, or is contravening the provisions of this Act.(3) The Commissioner may appoint any auditor, other than the auditor appointed by the finance company under the provisions of section 172 of the Companies Act, 1967 (Act 42 of 1967), to exercise the powers of the Commissioner under subsections (1) and (2) of this section.(4) For the purpose of an inspection or investigation under this section, a finance 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 finance company.(5) If any book, account or document or information is not supplied in accordance with subsection (4) of this section, the finance 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 in respect of every day during which the default continues after conviction.(6) The Commissioner shall be deemed to be a public servant within the meaning of the Penal Code (Cap. 119).”.