—(1) Where —
a licensed trust company fails to lodge an auditor’s report under section 31; or
the Authority receives a report under section 31,
the Authority may, without prejudice to its powers under section 36, if it is satisfied that it is in the interests of the licensed trust company, any protected party of the licensed trust company or the public, appoint in writing an auditor to examine and audit, either generally or in relation to any particular matter, the books of the licensed trust company.
(2) Where the Authority is of the opinion that the whole or any part of the costs and expenses of an auditor appointed by the Authority under subsection (1) should be borne by the licensed trust company, the Authority may by notice in writing, direct the licensed trust company to pay a specified amount, being the whole or part of such costs and expenses, within such time and in such manner as may be specified in the direction.
(3) Where a licensed trust company fails to comply with a direction under subsection (2), the amount specified in the direction may be recovered by the Authority as a civil debt.
(4) An auditor appointed under subsection (1) shall, on the conclusion of the examination and audit, submit a report to the Authority.
(5) Any auditor who contravenes subsection (4) shall be guilty of an offence.
[SFA, s. 109]