3. The following new sections are hereby inserted immediately after section 25, and shall have effect as sections 25A, 25B, 25C, 25D, 25E and 25F, of the principal Act:-
| 25A.
| | (1) The Commissioner may, by order in writing, direct the board of directors of a building society to summon a meeting of that society for the purpose of discussing and deciding such matters relating to that society as he may specify in such order. Such meeting shall be held at such time and place as the Commissioner may determine. | | |
| | (2) The Commissioner or any person authorized by him in that behalf may preside at any meeting of a building society summoned under subsection (1) and may speak on any matter to be decided at such meeting but he shall not be entitled to vote upon any such matter. | | |
| | (3) The preceding provisions of this section shall have effect notwithstanding anything in the instrument of association of a building society. | | |
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| 25B.
| | (1) The Commissioner may, by written notice, direct any building society-
| | | (a) to furnish before a date specified in the notice such information relating to that society as the Commissioner may require for the purposes of this Act, or |
| (b) to cause to be produced for inspection before a date specified in the notice any book ,register or other document in the possession of that society. |
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| | (2) If default is made in complying with any direction given to a building society by the commissioner under subsection (1) , every member of the board of directors of that society shall be guilty of an offence: | | |
| | (3) Every person who is guilty of an offence under this section shall, on conviction after summary trial before a Magistrate, be liable to a fine not exceeding five hundred rupees or to imprisonment of either description for a period not exceeding six months or to both such fine and imprisonment. | | |
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| 25C.
| | (1) The commissioner may , of his own motion, and shall, on the application of a majority of the members of the board of directors of a building society or of not less than one-third of the members of a building society, hold an inquiry, or direct by order in writing an officer (hereafter in this section referred to as an "authorized officer") of the Department of National Housing to hold an inquirey , into the affairs of such society. | | |
| | (2) For the purpose of an inquiry under subsection (1) the commissioner or an authorized officer may-
| | | (a) summon as a witness any person who, in the opinion of the Commissioner or such authorized officer, can give any material information, |
| (b) examine on oath or affirmation any person who has been summoned under paragraph (a) of this subsection, and |
| (c) direct any person to furnish before a specified date such information or document as the Commissioner or such authorized officer may require. |
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| | (3) Every person who-
| | | (a) on being summoned as a witness under subsection (2) makes default in attending, or |
| (b) being in attendance as a witness summoned under subsection (2), refuses to take any oath or affirmation which may be administered to him under that subsection or to answer any question which may be put to him by the officer examining him under that subsection, or |
| (c) on being examined under subsection (2), makes any statement which is false and which he knows to be false, or |
| (d) fails to comply with any direction given to him under subsection, (2), |
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| 25D. An officer holding an inquiry into the affairs of a building society under section 25c shall have the power to impound any document produced before him at the inquiry for such period as he may think fit and on the expiry of such period he may return such document to the person who produced it or to any other person who, in the opinion of such officer, is entitled to have the custody of such document. |
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| 25E. Where, after an inquiry into the affairs of a building society has been held under section 25c, the Commissioner is of the opinion that such society should be dissolved, he may, by order in writing, dissolve such society and appoint an officer of the Department of National Housing to wind up the affairs of such society in such manner as the Commissioner may direct. |
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| 25F.
| | (1) Notwithstanding anything to the contrary in the instrument of association of a building society, the Commissioner may, by order in writing, remove from office any person who is a member of the board of directors of such society if such person has done any act or thing which, in the opinion of the Commissioner, is of a fraudulent or illegal character or is manifestly opposed to the objects or interests of the society. | | |
| | (2) Before an order under subsection (1) is made against any person, the Commissioner shall give that person an opportunity of being heard and of showing cause why such an order should not be made.'. | | |
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Sri Lanka Consolidated Acts