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Contents

Long Title

Part I PRELIMINARY

Part II LICENSING OF TRUST COMPANIES

Part III CONTROL OF SHAREHOLDINGS AND VOTING POWERS

Part IIIA CONTROL OVER LICENSED TRUST COMPANY

Part IIIB VOLUNTARY TRANSFER OF BUSINESS

Part IV PROBATE AND ADMINISTRATION

Part V CONDUCT OF BUSINESS

Part VI BOOKS, ACCOUNTS AND AUDIT

Division 1 — Books and accounts

Division 2 — Audit

Part VII SUPERVISION AND INVESTIGATION

Division 1 — General

Division 2 — Inspection powers of Authority

Division 3 — Investigative powers of Authority

Part VIII DISCLOSURE OF INFORMATION

Part IX APPEALS

Part X MISCELLANEOUS

FIRST SCHEDULE Trust business

SECOND SCHEDULE Specified persons

THIRD SCHEDULE Purposes for which and persons to whom protected information may be disclosed

FOURTH SCHEDULE Specified provisions

Legislative Source Key

Legislative History

Comparative Table

 
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Print   Link to In-Force Version
On 31/10/2014, you requested the version in force on 31/10/2014 incorporating all amendments published on or before 31/10/2014. The closest version currently available is that of 18/04/2013.
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Power of Authority to appoint auditor
32.
—(1)  Where —
(a)
a licensed trust company fails to lodge an auditor’s report under section 31; or
(b)
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]