22.—(1) Subject to rules made under this Act and unless the court otherwise orders, the condition and accounts of any trust shall, on an application being made and notice thereof given in the prescribed manner by any trustee or beneficiary, be investigated and audited by such solicitor or public accountant as is agreed on by the applicant and the trustees or, in default of agreement, by the Public Trustee or some person appointed by him.
(2) Except with the leave of the court such an investigation or audit shall not be required within 12 months after any such previous investigation or audit and a trustee or beneficiary shall not be appointed under this section to make an investigation or audit.
Access of auditor to books
(3) The person making the investigation or audit, hereinafter called the auditor, shall have a right of access to the books, accounts and vouchers of the trustees, and to any securities and documents of title held by them on account of the trust, and may require from them such information and explanation as are necessary for the performance of his duties.
(4) Upon the completion of the investigation and audit such person shall forward to the applicant and to every trustee a copy of the accounts, together with a report thereon, and a certificate signed by him to the effect that the accounts exhibit a true view of the state of the affairs of the trust and that he has had the securities of the trust fund investments produced to and verified by him or, as the case may be, that the accounts are deficient in such respects as are specified in such certificate.
Inspection by beneficiaries
(5) Every beneficiary under the trust shall, subject to rules made under this Act, be entitled at all reasonable times to inspect and take copies of the accounts, report and certificate, and, at his own expense, to be furnished with copies thereof or extracts therefrom.
Removal of auditor
(6) The auditor may be removed by order of the court, and, if any auditor is removed, or resigns, or dies, or becomes bankrupt or incapable of acting before the investigation and audit is completed, a new auditor may be appointed in his place in like manner as the original auditor.
Remuneration and expenses of auditor
(7) The remuneration of the auditor and the other expenses of the investigation and audit shall be such as are prescribed, and shall, unless the Public Trustee otherwise directs, be borne by the estate.
(8) In the event of the Public Trustee so directing, he may order such expenses to be borne by the applicant or by the trustees personally or partly by them and partly by the applicant.
(9) If any person having the custody of any documents to which the auditor has a right of access under this section fails or refuses to allow him to have access thereto or in any way obstructs the investigation or audit, the auditor may apply to the court, and thereupon the court shall make such order as it thinks fit.
Penalty
(10) Any person who in any statement of accounts, report or certificate required for the purposes of this section wilfully makes a statement false in any material particular shall be guilty of an offence and shall be liable on conviction to a fine or to imprisonment for a term not exceeding 2 years or to both.