New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976 - SECT 48

48 Powers of inspection

(1) The Supervisor or any inspector may:

(a) for the purpose of ascertaining whether a person is, or at any time has been, operating, or managing, controlling or promoting the operation of, a loan fund scheme in contravention of this Act or whether a loan fund company is contravening or not complying with, or has contravened or not complied with, this Act, inspect and make copies of, or take extracts from:

(i) any records kept by that person or company with respect to any of the affairs or activities of that person or company,

(ii) any bankers’ books so far as they relate to the business carried on by that person or company, and

(iii) in the case of a loan fund company that is being wound up, any records kept by the liquidator of the company, and

(b) for that purpose may, subject to section 7, enter at any reasonable time any place at which that person or company carries on business or at which the Supervisor or that inspector has reasonable grounds for believing that any such records or bankers’ books, as the case may be, are kept.

(2) For the purpose of and in connection with an inspection under subsection (1), the Supervisor or any inspector may:

(a) request any person employed or engaged at any place entered pursuant to that subsection to produce to the Supervisor or inspector such records, or, as the case may be, such bankers’ books, relating to any of the affairs or activities of the person or company as are in the custody or under the control of the person so employed or engaged,

(b) examine with respect to matters under this Act any person employed or engaged at any place so entered, and

(c) make such examination and enquiries as the Supervisor or inspector thinks necessary to ascertain whether the requirements of this Act are being or have been complied with or contravened.

(3) Subject to subsection (4), the expenses of and incidental to the carrying out of inspections under subsection (1) shall be defrayed out of money provided by Parliament for the purpose.

(4) Where an inspection has been carried out under subsection (1) with respect to a person or a loan fund company, the Supervisor may give a direction in writing requiring that person or company, within such period (being not less than 7 days) as is specified in the direction, to pay to the Supervisor in respect of that inspection a fee of such amount or at such rate as is prescribed and may serve the direction on that person or company.

(5) If the person on whom or the loan fund company on which the direction is served fails to pay the fee specified in the direction within the period so specified, the amount of the fee shall be recoverable from that person or company in a court of competent jurisdiction as a debt due to the Crown.