Commonwealth Numbered Acts

SECURITIES INDUSTRY ACT 1980 No. 66, 1980 - SECT 8

8. (1) The Commission may, at any time, if it considers there is sufficient
reason to do so, by writing-

   (a)  give a direction to-

        (i)    a stock exchange;

        (ii)   a member of the committee of a stock exchange;

        (iii)  a person who is or has been (either alone or together with
               another person or other persons) a dealer or an
               investment adviser or is or has been a dealer's representative
               or an investment representative;

        (iv)   a nominee controlled by a person referred to in sub- paragraph
               (iii) or jointly controlled by 2 or more persons at least one
               of whom is a person referred to in that sub- paragraph; or

        (v)    a person who is or has been an officer or employee of, or an
               agent, banker, solicitor, auditor or other person acting in any
               capacity for or on behalf of, a stock exchange or a person
               referred to in sub-paragraph (ii), (iii) or (iv), requiring the
               production, to a person authorized by the Commission to receive
               them, at such time and place as are specified in the direction,
               of such books as are so specified, being books relating to-

        (vi)   the business or affairs of a stock exchange;

        (vii)  any dealing in securities;

        (viii) any advice concerning securities or the issuing or publication
               of a report or analysis concerning securities;

        (ix)   the character or financial position of, or any business carried
               on by, a person referred to in sub-paragraph (iii) or (iv); or

        (x)    an audit of, or any report of an auditor concerning, a dealing
               in securities or any accounts or records of a dealer or of an
               investment adviser; or

   (b)  give a direction to any person requiring the production, to a person
        authorized by the Commission to receive them, at such time and place
        as are specified in the direction, of any books relating to matters
        mentioned in sub-paragraph (a) (vi), (vii), (viii), (ix) or (x) that
        are in the custody or under the control of the person.

(2) The Commission may from time to time authorize a person, on producing (if
required to do so) such evidence of his authority as is prescribed-

   (a)  to require a stock exchange or a person referred to in sub- paragraph
        (1) (a) (ii), (iii), (iv) or (v) to produce to the authorized person
        forthwith such books relating to matters mentioned in sub-paragraph
        (1) (a) (vi), (vii), (ix) or (x) as are specified by the authorized
        person and are in the custody or under the control of the
        stock exchange or person of whom the requirement is made; or

   (b)  to require a stock exchange or any other person to produce to the
        authorized person forthwith any books relating to mattes mentioned in
        sub-paragraphs (1) (a) (vi), (vii), (viii), (ix) and (x) that are in
        the custody or under the control of the stock exchange or other
        person.

(3) A reference in sub-section (1) to a dealing in securities or to a business
carried on by a person includes a reference to a dealing in securities by a
person as a trustee or to a business carried on by a person as a trustee, as
the case may be.

(4) An authorization under sub-section (2) may be of general application or
may be limited to making requirements of a particular stock exchange or other
person or particular stock exchanges or other persons.

(5) Where the Commission, or a person authorized by the Commission, requires
the production of any books under this section and a person has a lien on the
books, the production of the books does not prejudice the lien.

(6) Where the Commission, or a person authorized by the Commission, exercises
a power under this section to require another person to produce books-

   (a)  if the books are produced, the person to whom the books are produced-

        (i)    may take possession of the books and make copies of, or take
               extracts from, the books;

        (ii)   may require the other person or any person who was party to the
               compilation of the books to make a statement providing an
               explanation of any of the books;

        (iii)  may retain possession of the books, or keep the books secure,
               for a period of 3 months or, if within that period there are
               instituted any proceedings to which the books are relevant,
               until the conclusion of those proceedings; and

        (iv)   during that period shall permit a person who would be entitled
               to inspect any one or more of the books if they were not in the
               possession of the person to whom the books were produced to
               inspect at all reasonable times such of the books as that
               person would be so entitled to inspect; or

   (b)  if the books are not produced, the Commission or the authorized person
        may require the other person-

        (i)    to state, to the best of his knowledge and belief, where the
               books may be found; and

        (ii)   to identify the person who, to the best of his knowledge and
               belief, last had custody of the books and to state, to the best
               of his knowledge and belief, where that last- mentioned person
               may be found.

(7) A power conferred by this section to make a requirement of a person
extends, if the person is a body corporate, including a body corporate that is
in the course of being wound up, or was a body corporate, being a body
corporate that has been dissolved, to making that requirement of any person
who is or has been an officer of the body corporate.
(8) For the purposes of sub-section (7), "officer", in relation to a body
corporate, includes-

   (a)  a director, secretary, executive officer or employee of the body
        corporate;

   (b)  a receiver, or a receiver and manager, of the property or any part of
        the property of the body corporate;

   (c)  an official manager or a deputy official manager of the body
        corporate;

   (d)  a liquidator or provisional liquidator of the body corporate; and

   (e)  a trustee or other person administering a compromise or arrangement
        made between the body corporate and its creditors.