Powers of examination

(1) The Registrar shall have the power to appoint examiners to conduct an examination of the affairs of a credit union or the League often as the Registrar shall deem it necessary. (2) The Registrar may charge any credit union or the League it examines under this section such costs as may be necessary to defray expenses incurred during the examination. (3) An examiner conducting the examination of a credit union or the League referred to in sub-section (1), shall have the power to require the production of all books, records, accounts, writings, and documents of any kind as well as data or information held, stored or transmitted by electronic means. (4) The Registrar or person named by him may examine under oath any officer of a credit union. (5) Where the Registrar is of the opinion that the affairs of a credit union require an immediate investigation in order to Credit Unions Act 55 safeguard the interests of the members, an examination may be ordered and conducted at the expense of the credit union or its officers and employees or any combination of the members by a qualified person approved by the Registrar. (6) Notwithstanding any verification of members’ accounts by the Supervisory Committee or the auditor, if any, the Registrar or any person acting for the Registrar may verify such members’ accounts as are determined necessary. (7) A report of an investigation made or ordered under this section shall detail the findings and conclusions of each examination in such form and scope as the Registrar may determine, and may be presented to a special meeting of the members called by or under the direction of the Registrar. (8) A report of the examination of a credit union by the Registrar or a person named by him may, be mailed to such officials and creditors as the Registrar deems necessary. (9) If a credit union or the League fails to provide information or documents to an examiner as required by section 60(3), such credit union or the League shall be liable to pay, on being called upon to do so by the Registrar in writing, a penalty of two thousand dollars, and where the said failure continues, there shall be levied a further penalty of one hundred dollars for each day of non-compliance.