24Loan fund company etc to provide information in certain cases

24 Loan fund company etc to provide information in certain cases

24 Loan fund company etc to provide information in certain cases

(1) The Supervisor may, by notice in writing served on a loan fund company or on any officer or agent of any such company, require the company or that officer or agent to lodge with the Supervisor, within such period as is specified in the notice:

(a) such particulars as may be so specified with respect to:

(i) the granting of options to acquire loan entitlement shares in the company,

(ii) the allotment of qualifying shares or loan entitlement shares in the company,

(iii) the allocation by the company of loan priority numbers,

(iv) the offering of loans by or on behalf of the company,

(v) the making of loans by or on behalf of the company, or

(vi) the borrowing of money by the company or its methods of raising its funds, whether by means of the allotment of shares or otherwise,

(b) a report by an actuary appointed by the company on the company’s financial position, or

(c) a special return containing such information with respect to the company or to any of its officers or agents or to its affairs or activities as may be so specified.

(2) A loan fund company on which, or an officer or agent of a loan fund company on whom, a notice under subsection (1) has been served shall not neglect or fail to comply with a requirement contained in the notice when it is within the power of the company or, as the case may be, the officer or agent to comply with that requirement.

Maximum penalty: 5 penalty units.

(3) Any information provided pursuant to a requirement contained in a notice served under subsection (1) shall not, if the person providing the information objected, at the time of providing it, to doing so on the ground that it might tend to incriminate the person, be admissible in evidence in any proceedings against that person for any offence, not being the offence of contravening subsection (2).

(4) Any requirement contained in a notice served under subsection (1) may be varied or revoked by a later notice served under that subsection.

ss 24–26: Am 1992 No 112, Sch 1.