Restrictive Practices (Amendment) Act, 1987

• Permanent Page URL

Power of High Court to authorise inspection of accounts maintained by financial institutions.

41.—(1) Section 15 (as amended by section 18 of this Act and as applied by section 8 (3) of the Act of 1978) of the Principal Act and section 16 (as amended by section 30 of this Act) of the Consumer Information Act, 1978 , shall not apply to accounts maintained by a financial institution.

(2) Whenever—

(a) the Director considers it necessary for the exercise by him of any of his functions, or

(b) the Commission consider it necessary for the exercise by them of any of their functions,

to examine accounts maintained by a financial institution, the Director or the Commission, as the case may be, may apply to the High Court for an order under this section.

(3) Whenever the High Court is satisfied that it is reasonable to do so and is satisfied that the exigencies of the common good so warrant, it may make an order authorising an authorised officer—

(a) at all reasonable times to enter and inspect any premises of a financial institution where he reasonably believes that there are accounts maintained by it,

(b) to require any director of or person employed by the institution to produce to him any specified accounts maintained by it that are in the power or control of that person or director and to give to the officer any information that he may reasonably require in regard to the accounts, and

(c) to inspect and make copies of or take extracts from such accounts,

subject to such conditions (if any) as it thinks proper and specifies in the order.

(4) (a) In this section references to accounts maintained by a financial institution shall be construed as references to any accounts maintained by or for or on behalf of any person in the institution, either solely or jointly with another person or persons, or any books, documents or other records maintained by it relating to such accounts;

(b) in this section—

“authorised officer” means, as may be appropriate, an authorised officer within the meaning of section 15 (6) (as amended by section 18 of this Act and applied by section 8 (3) of the Act of 1978) of the Principal Act or an authorised officer within the meaning of section 16 (as amended by section 30 of this Act) of the Consumer Information Act, 1978 ;

“books” means—

(i) bankers' books within the meaning of the Bankers' Books Evidence Acts, 1879 and 1959, and

(ii) records and documents of persons referred to in section 7 (4) of the Central Bank Act, 1971 ;

“director” includes any person occupying the position of director by whatever name called;

“financial institution” means—

(i) a person who holds or has held a licence under section 9 of the Central Bank Act, 1971 , and

(ii) a person referred to in section 7 (4) of that Act;“records”, for the avoidance of doubt, includes records recorded and stored electronically.