New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976 - SECT 50

50 Power to hold inquiry

(1) Where the Minister is of the opinion that to do so would be in the public interest or in the interests of any members or creditors of, or holders of options to acquire loan entitlement shares in, a loan fund company, the Minister may, either of the Minister’s own volition or on the application of any person claiming to have an interest in the company, whether as a member or creditor of, or the holder of an option to acquire loan entitlement shares in, the company or otherwise, appoint the Supervisor to hold an inquiry into the affairs and activities of the company, including the operation and financial circumstances of the company, or into such of those affairs or activities as the Minister may determine.

(2) If an application referred to in subsection (1) is made by a person for an inquiry to be held under this Division, the Minister may require the applicant to produce such evidence as the Minister thinks necessary to enable the Minister to determine whether there are reasonable grounds for appointing the Supervisor to hold an inquiry under this Division.

(3) Where the Supervisor has been appointed to hold an inquiry under this Division, the Supervisor shall forthwith notify the loan fund company concerned in writing of that appointment and of the terms of that appointment.