Appointment of Inspectors


All Questions Answered (If Only They Had Been Asked...)

Children ask better questions than adults.
"May I have a cookie?"  "Why is the sky blue?" and "What does a cow say?" are far more likely to elicit a cheerful response than
"Where's your manuscript?"  "Why haven't you called?" and "Who's your lawyer?"

- Fran Lebowitz

Questions are never indiscreet, answers sometimes are.

- Oscar Wilde

Unit Trusts Act 1960 099

Commenced: 1 Apr 1961

21. Appointment of Inspectors

One or more inspectors to investigate and report on the affairs of any unit trust and its manager may be appointed by:

The Minister; or

[The High Court] on application made either by one-tenth in number of the unit holders of the unit trust or by a unit holder or unit holders holding at the date of the application not less than one-tenth of the value of the interests in the unit trust then held by unit holders.

Every such inspector shall have in relation to the unit trust and its manager and affairs all the powers conferred on an inspector in relation to a company and its affairs by section 171 of the Companies Act 1955 (except subsection (3) of that section)); and those provisions, so far as they are applicable and with the necessary modifications, shall apply accordingly.  The report of every such inspector who is appointed by the Minister shall be made to the Minister; and the report of every such inspector who is appointed by [the High Court] shall be made to that Court.

If any officer or agent of a company that is manager of a unit trust in respect of which an inspector has been appointed under this section refuses to produce to the inspector any book or paper which it is his duty under this section to produce, or refuses to answer any question which is put to him by the inspector with respect to the affairs of the company or unit trust, that officer or agent commits an offence and is liable on summary conviction to imprisonment for a term not exceeding 3 months or to a fine not exceeding [$200].

No such office or agent shall be excused from answering any question put to him by an inspector with respect to the affairs of the company or unit trust on the ground that the answer may incriminate or tend to incriminate him, but no statement made by him in answer to any such question shall be admissible against him in criminal proceedings, except proceedings under [the Crimes Act 1961] for making a false statement upon oath.

In subs. (4) the Crimes Act 1961, being the corresponding enactment in force at the date of this reprint, has been substituted for the repealed Crimes Act 1908.

See the note to s. 20 of this Act.

Source: KnowledgeBasket

For news articles on the Flat Rock Forests Trust, forestry, the Serious Fraud Office, one immigrant family's experiences, immigration specialists, fraud, juries, logging, and more, check out the News Table of Contents.  Or you may wish to visit the Forestry Trust Table of Contents to read how a unit trust went bust.  Or the Topics Table of Contents which offers a different approach to lots of topics - among them poisonous insects, eating dogs, what's addictive, training vs teaching, tornados, unusual flying machines, humour, wearable computers, IQ tests, health, Y chromosomes, share options, New Jersey's positive side, oddities, ageing, burial alternatives, capital punishment, affairs, poverty, McCarthyism, the most beautiful city in the world, neverending work and more...

Home Up Next