Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

People's Bank Act (No. 29 of 1961) - Sect 36

Power of certain officers of the Bank to examine the books and accounts of any co-operative society to which, and of any other person to whom, a loan has been granted by the Bank

36.
(1) The General Manager of the Bank, or an accountant or other officer of the Bank authorized in that behalf by such General Manager, may-
(a) examine the books and accounts of any cooperative society to which, or other person to whom, any loan, overdraft or other accommodation has been granted by the Bank or by any other co-operative society to which the Bank has granted any loan, overdraft or other accommodation;
(b) examine any office-bearer, member or employee of any such co-operative society or other person as is first mentioned in paragraph (a) of this subsection for the purpose of ascertaining the true condition of the affairs of that co-operative society or other person;
(c) direct any such office-bearer, member or employee as is referred to in paragraph (b) of this subsection to furnish to the officer of the Bank giving the direction any such information as that officer may require for the purpose mentioned in that paragraph; and
(d) direct any such office-bearer, member or employee as is referred to in paragraph (b) of this subsection to produce for inspection by the officer of the Bank giving the direction any books, records or other documents in the possession of that office-bearer, member or employee and containing or likely to contain any such information as may be required by that officer for the purpose mentioned in that paragraph.
(2) Every officer of the Bank exercising the powers conferred by subsection (1) shall, for the purposes of the Oaths Ordinance, be deemed to be a person having by law authority to receive evidence in regard to the affairs of the co-operative society in respect of which such powers are exercised.
(3) No person shall, without reasonable cause, fail or refuse to be examined or to answer any question when examined, or to comply with any direction given, under subsection (1).
(4) No person shall, in furnishing any information or producing any books, records or other documents under subsection (1), furnish any information which he knows to be false or incorrect or produce any books, records or other documents which contain statements which he knows to be false or incorrect.
(5) No person shall obstruct any officer of the Bank in the exercise of powers conferred by subsection (1).


[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]