29Financial records

29 Financial records

(1)  [Section 29 Subsection (1) amended by No. 39 of 2010, s. 27, Applied:01 Jul 2011] The Director, by notice in writing, may require the manager of an authorised deposit-taking institution to –

(a) provide written information as to –

(i) whether or not there is or was any trust account in the name of a specified person; and

(ii) the address at which any document or record relevant to that trust account is kept; and

(b) produce for inspection to an authorised person any document or record relating to that trust account; and

(c) allow an authorised person to inspect, and take copies of, or extracts from, any such document or record.

(2)  A person must comply with a requirement.

Penalty:  In the case of –

(a) a body corporate, 500 penalty units; and

(b) a natural person, 200 penalty units.

(3)  A requirement under subsection (1)(b) is taken not to be complied with if the document or record is not produced at the address given by the authorised deposit-taking institution under subsection (1)(a)(ii) as the address at which the document or record is kept.