COMPANIES ACT 1981 No. 89 of 1981 - SECT 309
Expenses of investigation
COMPANIES ACT 1981 No. 89 of 1981 - SECT 309
Expenses of investigation
309. (1) Subject to this section and to clause 18 of the Agreement, the
expenses of and incidental to an investigation shall be paid by the
Commission.
(2) For the purposes of this section, the expenses of and incidental to an
investigation under this Part include-
(a) the expenses incurred in any proceedings brought in the name of a
corporation under sub-section 306 (11); and
(b) in the case of an investigation carried out pursuant to a direction
that is approved by the Ministerial Council pursuant to sub-section
291 (6)-the expenses (if any) incurred before the direction is so
approved.
(3) Where an investigation has been carried out under this Part and
proceedings are instituted under sub-section 306 (11) or otherwise as a result
of that investigation, the Commission may make one or more of the following
orders, namely:
(a) that a specified person pay, within the time and in the manner
specified in the order, the whole, or a specified part, of the
expenses of and incidental to the investigation;
(b) where expenses have been paid by the Commission, that a specified
person reimburse the Commission, within the time and in the manner
specified in the order, to the extent of the payment;
(c) that a specified person, within the time and in the manner specified
in the order, pay, or reimburse the Commission in respect of, the
whole, or a specified part, of the cost to the Commission of carrying
out the investigation, including the remuneration of any employee of
the Commission concerned with the investigation.
(4) Where the Commission is of the opinion that the whole or any part of the
expenses of and incidental to an investigation into affairs of a corporation
under this Part should be paid by the corporation, the Commission may by order
in writing direct the corporation to pay a specified amount, being the whole
or part of those expenses, within the time and in the manner specified.
(5) Where a person or corporation has failed to comply with an order of the
Commission under sub-section (3) or (4), proceedings may be taken in a court
of competent jurisdiction to recover the amount in question as a debt due to
the Commission.
(6) An inspector may include in his report a recommendation whether an order
under sub-section (3) or (4) should be made or whether orders under both those
sub-sections should be made.
(7) Where-
(a) pursuant to a direction given as a result of an application under
sub-section 290 (1), the Commission carried out an investigation, or
an inspector was appointed to carry out an investigation, into affairs
of a corporation;
(b) the applicants have given security in accordance with sub-section 290
(3); and
(c) the corporation fails to comply with an order under sub-section (4),
the security may, in the discretion of the Commission, be forfeited to
the Commission or, if the amount that the corporation has failed to
pay pursuant to an order is less than the amount of the security, a
part of the security equal to the amount remaining unpaid may, in the
discretion of the Commission, be forfeited to the Commission.
(8) Where, in a case where the expenses of and incidental to an investigation
or part of those expenses have been or are to be borne by a party to the
Agreement, the expenses or part of the expenses borne or to be borne by that
party are recovered by the Commission pursuant to this section, the Commission
shall, to the extent of the amount recovered, reimburse or credit that party.