—(1) The Authority may, for the purpose of ensuring that the provisions of this Act have been or are being complied with, from time to time inspect, under conditions of secrecy, the books in the possession, custody or control of a licensed trust company and of any branch, agency or office outside Singapore opened by a licensed trust company that is incorporated in Singapore.
(2) For the purposes of an inspection under this section —
the licensed trust company, or any person who is in possession of the books of the licensed trust company, shall produce such books to the Authority and give such information or facilities as may be required by the Authority;
the licensed trust company shall procure that any person who is in possession of its books produce the books to the Authority and give such information or facilities as may be required by the Authority; and
the Authority may —
make copies of, or take possession of, any of such books;
use, or permit the use of, any of such books for the purposes of any proceedings under this Act; and
retain possession of any of such books for so long as is necessary —
for the purposes of exercising a power conferred by this section (other than subsection (4));
for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or
for such proceedings to be commenced and carried on.
(3) No person shall be entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(4) Subject to Part VIII, while the books of a licensed trust company are in the possession of the Authority, the Authority —
shall permit another person to inspect at all reasonable times such of the books (if any) as the other person would be entitled (whether under any written law, rule of law or contract) to inspect if they were not in the possession of the Authority; and
may permit any other person to inspect any of the books.
(5) The Authority may require a person who produced any book to the Authority to explain, to the best of his knowledge and belief, any matter about the compilation of the book or to which the book relates.
(6) Any person who, without reasonable excuse, contravenes subsection (2) or any requirement of the Authority under subsection (5) 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.