Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 289

PART VII-SPECIAL INVESTIGATIONS Interpretation and application

289. (1) In this Part, unless the contrary intention appears-

''company'' means-

   (a)  a company as defined in sub-section 5 (1); and

   (b)  a foreign company that-

        (i)    has been or is registered under Division 5 of Part XIII; or

        (ii)   has carried on or is carrying on business in the Territory;

''corporation'' includes a corporation that is in the course of being wound up
or has been dissolved;

''direction'' means a direction given to the Commission pursuant to
sub-section 290 (4) or in the exercise of a power under sub-section 291 (1),
(2) or (3) in relation to the carrying out of an investigation into affairs of
a corporation;

''inspector'' means an inspector appointed under this Part;

''officer'', in relation to a corporation, means an officer as defined in
sub-section 5 (1) and includes-

   (a)  a person who acts, or has at any time acted, as banker, solicitor or
        auditor, or in any other capacity, for the corporation;

   (b)  a person who is, or has at any time been, a provisional liquidator of
        the corporation;

   (c)  a person who-

        (i)    has, or has at any time had, in his possession any property of
               the corporation;

        (ii)   is indebted to the corporation; or

        (iii)  is capable of giving information concerning affairs of the
               corporation; and

   (d)  where an inspector has reasonable grounds for suspecting or believing
        that a person is a person referred to in paragraph (c)-that person;

''prescribed direction'' means a direction given-

   (a)  pursuant to sub-section 290 (4); or

   (b)  in the exercise of a power under sub-section 291 (1) or (2) otherwise
        than in response to a request made by the Commission under sub-section
        291 (4),

not being a direction that has been approved by the Ministerial Council under
sub-section 291 (6);

''relevant authority'', in relation to a direction or in relation to an
investigation that is carried out, or is to be carried out, pursuant to a
direction, means-

   (a)  in the case of a direction given by the Minister other than a
        direction that has been approved by the Ministerial Council under
        sub-section 291 (6)-the Minister; or

   (b)  in the case of a direction given by the Ministerial Council or
        approved by the Ministerial Council under sub-section 291 (6)-the
        Ministerial Council.

(2) This Part does not authorize an investigation into affairs of a
corporation in relation to business of the corporation that is life insurance
business for the purposes of the Life Insurance Act 1945.

(3) Where 2 or more inspectors have been appointed under this Part to
investigate affairs of a corporation, each of those inspectors may exercise
his powers or perform his functions under this Part independently of the other
inspector or inspectors.

(4) In relation to an investigation into affairs of a corporation carried out
by the Commission-

   (a)  a reference in section 295, 296, 297, 298, 308, 311 or 312 to an
        inspector shall be read as a reference to a member of the Commission
        or to an authorized agent of the Commission; and

   (b)  the reference in section 310 to an inspector shall be read as a
        reference to the Commission.

(5) The reference in sub-section (4) to an authorized agent of the Commission
shall be read as a reference to-

   (a)  an employee of the Commission;

   (b)  a person whose services are available to the Commission by virtue of
        arrangements made under sub-section 24 (1) or (2) of the
        National Companies  and Securities Commission Act 1979 ; or

   (c)  a person engaged under sub-section 25 (1) of that Act, who is
        authorized by the Commission to act on behalf of the Commission in
        connection with the investigation concerned.

(6) In relation to an investigation into affairs of a corporation carried out
pursuant to a prescribed direction, a reference in section 298, 306 (other
than sub-section (6), (12) or (13)), 311 or 312 to the Commission shall be
read as a reference to the relevant authority.

(7) An investigation under this Part shall, for the purposes of Part V of the
Evidence Ordinance 1971, be deemed to be a proceeding.