New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976 - SECT 51

51 Procedure with respect to holding of inquiry

(1) For the purposes of an inquiry under this Division, the Supervisor may, by notice in the prescribed form given in the prescribed manner, require a specified person:

(a) to produce to the Supervisor such records relating to a matter to which the Supervisor’s inquiry relates as are in the custody or under the control of that person,

(b) to give to the Supervisor all reasonable assistance in connection with the inquiry, and

(c) to attend before the Supervisor for examination on oath,

and may administer an oath to that person.

(2) Where records are produced to the Supervisor under this section, the Supervisor may take possession of those records for such period as the Supervisor thinks necessary for the purposes of the inquiry, and during that period the Supervisor shall permit a person who would be entitled to inspect those records if they were not in the possession of the Supervisor to inspect at all reasonable times such of those records as that person would be so entitled to inspect.

(3) A specified person shall not:

(a) refuse or fail to comply with a requirement of the Supervisor under subsection (1) to the extent to which the person is able to comply with it,

(b) in purported compliance with such a requirement provide information which is to the person’s knowledge false or misleading as to a material particular, or

(c) when appearing before the Supervisor for examination pursuant to such a requirement:

(i) make a statement which is to the person’s knowledge false or misleading as to a material particular, or

(ii) refuse or fail to take an oath.

Maximum penalty: 10 penalty units.

(4) An Australian legal practitioner acting for a specified person may:

(a) attend an examination of that person, and

(b) with the permission of the Supervisor:

(i) address the Supervisor, and

(ii) examine that person,

in relation to matters in respect of which the Supervisor has questioned that person.

(5) A specified person is not excused from answering a question put to the person by the Supervisor on the ground that the answer might tend to incriminate the person but, where that person claims, before answering the question, that the answer might incriminate the person, neither the question nor the answer is admissible in evidence against the person in criminal proceedings other than proceedings under subsection (3) or in relation to a charge of perjury in respect of the answer.

(6) A specified person who complies with a requirement of the Supervisor under subsection (1) does not incur a liability to any person by reason only of that compliance.

(7) A specified person who is required to attend for examination under subsection (1) is entitled to such allowances and expenses (if any) as are prescribed, whether by reference to a scale of expenses for witnesses who attend before a court or otherwise.

(8) Where the Supervisor is satisfied that a specified person has failed without lawful excuse to comply with a requirement of the Supervisor to the extent to which that person is capable of complying with it, the Supervisor may certify the failure in writing under the Supervisor’s hand to the Court.

(9) Where the Supervisor gives a certificate under subsection (8), the Court may inquire into the case and, if it is satisfied that the specified person to whom the certificate relates has failed without lawful excuse to comply with a requirement of the Supervisor to the extent to which the person is capable of complying with it:

(a) may order the specified person to comply with the requirement within such period as is fixed by the Court, or

(b) may punish the specified person in the same way as if the person had been guilty of contempt of the Court and, if it thinks fit, also make an order under paragraph (a).

(10) An inquiry under this Division is, for the purposes of Part 2.2 (Documents) of the Evidence Act 1995 , taken to be a proceeding to which that Act applies.

(11) The Supervisor shall cause notes of an examination made by the Supervisor under this section to be recorded in writing and may require a specified person to sign the notes and, subject to this section, notes signed by that person may be used in evidence in any legal proceedings against that person.

(12) A copy of the notes signed by a specified person shall be provided by the Supervisor, without charge, to that person on request made by that person in writing.

(13) Notes made pursuant to this section that relate to a question the answer to which a specified person has claimed might tend to incriminate the person may not be used as evidence in criminal proceedings other than proceedings under subsection (3) or in relation to a charge of perjury in respect of the answer.