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Annual report and duty of auditor.
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16.—(1) An investment limited partnership shall cause to be published and filed with the Bank an annual report the contents of which shall be prescribed by the Bank.
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(2) The accounts of an investment limited partnership and the accounting information given in the annual report must be audited by one or more persons empowered to audit accounts in accordance with the Companies Acts and the auditor's report, including any qualifications, shall be produced in full in the annual report.
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(3) If the auditor of an investment limited partnership—
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(a) has reason to believe that the information provided to investors or to the Bank in the reports or other documents of the investment limited partnership does not truly describe the financial situation and the assets and liabilities thereof, or
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(b) has reason to believe that the assets of the investment limited partnership are not or have not been invested in accordance with this Act or the partnership agreement, or
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(c) has reason to believe that there exist circumstances which are likely to affect materially the ability of the investment limited partnership to fulfil its obligations to limited partners or meet any of its financial obligations, or
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(d) has reason to believe that there are material defects in the financial systems and controls or returns of an investment limited partnership under this Act or conditions imposed thereunder, or its accounting records, or
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(e) has reason to believe that there are material inaccuracies in or omissions from any returns of a financial nature made by the investment limited partnership to the Bank, or
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(f) proposes to qualify any certificate which he is to provide in relation to financial statements under this Act or regulations made thereunder,
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he shall report the matter to the Bank in writing without delay.
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(4) The auditor of an investment limited partnership shall, if requested by the Bank, furnish to the Bank a report stating whether in his opinion and to the best of his knowledge the investment limited partnership has or has not complied with a specified obligation of a financial nature under this Act or conditions imposed thereunder.
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(5) Where the auditor of an investment limited partnership so requests, the Bank shall provide to the auditor in writing details of such returns of a financial nature to the Bank by the investment limited partnership as the auditor requests for the purpose of enabling him to exercise his functions under this Act.
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(6) The auditor of an investment limited partnership shall send to the investment limited partnership a copy of any report made by him to the Bank under subsections (3) and (4).
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(7) (a) Whenever the Bank is of the opinion that the exercise of its functions under this Act or the protection of the interests of limited partners so requires, it may require the auditor of an investment limited partnership to supply it with such information as it may specify in relation to the audit of the business of the investment limited partnership and the auditor shall comply with the requirement.
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(b) The Bank may require that in supplying information for the purposes of this subsection, the auditor shall act independently of the investment limited partnership.
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(8) No duty to which the auditor to an investment limited partnership may be subject shall be regarded as contravened, and no liability to the investment limited partnership or its partners, creditors or other interested parties, shall attach to the auditor by reason of his compliance with any obligation imposed on him by or under this section.
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(9) Where non-performance of the publication of an annual report in approved form in accordance with subsections (1) and (2) occurs, each general partner shall be guilty of an offence and shall indemnify any person who thereby suffers any loss.
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(10) An auditor who does not act in accordance with subsection (3), (4) or (6), shall be guilty of an offence, and shall indemnify any person who thereby suffers any loss.
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(11) A general partner or custodian who supplies information which he knows to be false to an auditor under this section shall be guilty of an offence and shall indemnify any person who thereby suffers loss.
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