Companies Act · 2021 Revised Edition · Part · Management and Administration Registered Office and Name
134. Investigation of affairs of company by inspectors
Official textFrom Attorney General's Chambers, unchanged
The Court may appoint one or more competent inspectors to investigate the affairs of a company and to report thereon in such manner as the Court may direct -
in the case of a banking company having a share capital, on the application of members holding not less than one-third of the shares issued;
in the case of any other company having a share capital, on the application of members holding not less than one-tenth of the shares issued;
in the case of a company not having a share capital, on the application of not less than one-fifth in number of the persons on the company's register of members.
The application shall be supported by such evidence as the
Court may require for the purpose of showing that the applicants have good reason for, and are not actuated by malicious motives in, requiring the investigation, and the Court may, before appointing an inspector, require the a applicants to give security to an amount not exceeding $10,000 for payment of the costs of the inquiry.
It shall be the duty of all officers and agents of the company to produce to the inspectors all books and documents in their custody or power.
a
An inspector may examine on oath the officers and agents of the company in relation to its business, and may administer an oath accordingly.
138 CAP.39
Companies
If any officer or agent of the company refuses to produce to the inspectors any book or document which it is his duty under this section so to produce, or refuses to answer any question which is put to him by the inspectors with respect to the affairs of the company, the inspectors may certifL the refusal under their hands to the Court, and the Court may thereupon inquire into the case, and, after hearing any witnesses who may be produced against or on behalf of the alleged offender and after hearing any statement which may be offered in defence, punish the offender in like manner as if he had been guilty of contempt of the court.
officer
"officer", in relation to a corporation, includes - (a) any director or secretary of the corporation or a person employed in an executive capacity by the corporation; @) a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and (c) any liquidator of a company appointed in a voluntary winding up, but does not include - (i) any receiver who is not also a manager; (ii) any receiver and manager appointed by the Court; (iii) any liquidator appointed by the Court or by the creditors; and (iv) an Executive Manager appointed by the Minister under section 230(1) of the Insolvency Order, 2016 (S 112016);
On the conclusion of the investigation, the inspectors shall report their opinion to the Court which shall direct that a copy of the report be forwarded to the registered office of the company. A further copy shall, at the request of the applicants for the investigation, be delivered to them. The report shall be written or printed, as the court may direct.
Terms defined in s 2
document
Defined · s 2"document" includes summons, notice, order, and other legal process, and registers;
officer
Defined · s 2"officer", in relation to a corporation, includes - (a) any director or secretary of the corporation or a person employed in an executive capacity by the corporation; @) a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and (c) any liquidator of a company appointed in a voluntary winding up, but does not include - (i) any receiver who is not also a manager; (ii) any receiver and manager appointed by the Court; (iii) any liquidator appointed by the Court or by the creditors; and (iv) an Executive Manager appointed by the Minister under section 230(1) of the Insolvency Order, 2016 (S 112016);
share
Defined · s 2"share" means share in the share capital of a company, and includes stock except where a distinction between stock and shares is expressed or implied;
Spot a mistake in this text? Suggest a correction.
Part 5
Part 6
Part 7
Part 8
Part 9
Part
Restrictions on Sale of Shares and Offers of Shares for Sale
Part
Prohibition of Partnerships with More Than Twenty Members
Part