Commonwealth Numbered Acts

SECURITIES INDUSTRY ACT 1980 No. 66, 1980 - SECT 19

19. (1) An inspector may, by notice in the prescribed form given in the
prescribed manner, require a prescribed person-

   (a)  to produce to the inspector such books relating to a matter to which
        his investigation relates as are in the custody or under the control
        of that person;

   (b)  to give to the inspector all reasonable assistance in connection with
        the investigation; and

   (c)  to appear before the inspector for examination on oath or affirmation
        and to answer questions put to him, and may administer an oath or
        affirmation to that person.

(2) An examination under this section shall, for the purposes of Part III of
the Crimes Act 1914, be deemed to be a judicial proceedings.

(3) Where books are produced to an inspector under this section, the inspector
may take possession of the books for such period as he considers necessary for
the purposes of his investigation, and during that period he shall permit a
person who would be entitled to inspect any of those books if they were not in
the possession of the inspector to inspect at all reasonable times such of
those books as that person would be so entitled to inspect.

(4) A prescribed person shall not, without reasonable excuse, refuse or fail
to comply with a requirement made under sub-section (1). Penalty: $10,000 or
imprisonment for 2 years, or both.

(5) A prescribed person shall not, in purported compliance with a requirement
made under sub-section (1), furnish information that is false or misleading in
a material particular. Penalty: $10,000 or imprisonment for 2 years, or both.

(6) A prescribed person shall not, when appearing before an inspector for
examination pursuant to a requirement made under sub-section (1), make a
statement that is false or misleading in a material particular. Penalty:
$10,000 or imprisonment for 2 years, or both.

(7) A prescribed person shall not, when appearing before an inspector for
examination pursuant to a requirement made under sub-section (1), refuse or
fail to take an oath or make an affirmation. Penalty: $1,000 or imprisonment
for 3 months, or both.

(8) A duly qualified legal practitioner acting for a prescribed person-

   (a)  may attend an examination of that person; and

   (b)  may, to the extent that the inspector permits-

        (i)    address the inspector; and

        (ii)   examine that person, in relation to matters in respect of which
               the inspector has questioned that person.

(9) A prescribed person is not excused from answering a question put to him by
an inspector on the ground that the answer might tend to incriminate him but,
where that person claims, before answering the question, that the answer might
tend to incriminate him, the answer is not admissible in evidence against him
in criminal proceedings other than proceedings under this section or other
proceedings in respect of the falsity of the answer.

(10) A person who complies with a requirement of an inspector under
sub-section (1) does not incur a liability to any person by reason only of
that compliance.

(11) A person who is required to attend for examination under this section is
entitled to such allowances and expenses as are prescribed.

(12) The Commission may, in its discretion, pay, on account of the costs and
expenses incurred by a person in complying with a requirement under
sub-section (1), such amount as it thinks reasonable.

(13) Where an inspector is satisfied that a prescribed person has failed,
without reasonable excuse, to comply with a requirement of the inspector, the
inspector may, by writing signed by him, certify the failure to the Court.

(14) Where an inspector gives a certificate under sub-section (13), the Court
may inquire into the case and-

   (a)  order the prescribed person to comply with the requirement of the
        inspector within such period as is fixed by the Court; or

   (b)  if the Court is satisfied that the prescibed person failed, without
        reasonable excuse, to comply with the requirement of the inspector,
        punish him in like manner as if he had been guilty of contempt of the
        Court and, if it sees fit, also make an order pursuant to paragraph
        (a).