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Formal Consolidation |  1993 RevEd
Power of auditors appointed by Board
24.—(1)  An auditor appointed under section 23 to examine and audit the books, accounts and records of a commodity futures broker may, for the purpose of carrying out the examination and audit —
(a)examine on oath any of the commodity futures broker’s directors, employees and agents and any other auditor appointed under this Act in relation to those books, accounts and records;
(b)require any of the commodity futures broker’s directors, employees and agents, to produce any books, accounts and records held by or on behalf of the commodity futures broker relating to his business and make copies of or take accounts and records for such period as is necessary to enable them to be inspected;
(c)require an auditor appointed by the commodity futures broker to produce any books, accounts and records held by him relating to the business of the commodity futures broker;
(d)require a Commodity Futures Exchange or a clearing house to produce any books, accounts and records kept by it relating to the business of the commodity futures broker;
(e)require a Commodity Futures Exchange or a clearing house to provide any information in its possession relating to the business of the commodity futures broker;
(f)employ such persons as he considers necessary to assist him in carrying out the examination and audit; and
(g)by instrument in writing under his hand, authorise any person employed by him to do, in relation to the examination and audit, any act or thing that he could do himself as an auditor, except the examination of any person on oath, under this subsection.
(2)  Any person who, without reasonable excuse, refuses or fails to answer any question put to him, or fails to comply with any request made to him, by an auditor appointed under section 23, or a person authorised under subsection (1)(g), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both.
(3)  If a Commodity Futures Exchange or a clearing house, without reasonable excuse, fails to comply with any request made to it by an auditor appointed under section 28, or a person authorised under subsection (1)(g), that Exchange or the clearing house shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000.
Informal Consolidation | Amended Act 22 of 2001
Power of auditors appointed by Board
24.—(1)  An auditor appointed under section 23 to examine and audit the books, accounts and records of a commodity broker or commodity futures broker may, for the purpose of carrying out the examination and audit —
(a)examine on oath any of the commodity broker’s or commodity futures broker’s directors, employees and agents and any other auditor appointed under this Act in relation to those books, accounts and records;
[22/2001 wef 27/06/2001]
(b)require any of the commodity broker’s or commodity futures broker’s directors, employees and agents, to produce any books, accounts and records held by or on behalf of the commodity broker or commodity futures broker relating to his business and make copies of or take accounts and records for such period as is necessary to enable them to be inspected;
[22/2001 wef 27/06/2001]
(c)require an auditor appointed by the commodity broker or commodity futures broker to produce any books, accounts and records held by him relating to the business of the commodity brokeror commodity futures broker;
[22/2001 wef 27/06/2001]
(d)require a commodity market, a Commodity Futures Exchange or a clearing house to produce any books, accounts and records kept by it relating to the business of the commodity broker or commodity futures broker;
[22/2001 wef 27/06/2001]
(e)require a commodity market, a Commodity Futures Exchange or a clearing house to provide any information in its possession relating to the business of the commodity broker or commodity futures broker;
[22/2001 wef 27/06/2001]
(f)employ such persons as he considers necessary to assist him in carrying out the examination and audit; and
(g)by instrument in writing under his hand, authorise any person employed by him to do, in relation to the examination and audit, any act or thing that he could do himself as an auditor, except the examination of any person on oath, under this subsection.
(2)  Any person who, without reasonable excuse, refuses or fails to answer any question put to him, or fails to comply with any request made to him, by an auditor appointed under section 23, or a person authorised under subsection (1)(g), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both.
(3)  If a commodity market, a Commodity Futures Exchange or a clearing house, without reasonable excuse, fails to comply with any request made to it by an auditor appointed under section 28, or a person authorised under subsection (1)(g), that market, Exchange or the clearing house shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000.
[22/2001 wef 27/06/2001]