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Appointment of inspector by Court.
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66.—(1) Without prejudice to the powers of a supervisory authority under this Act, where the supervisory authority is of the opinion that it is in the interest of the proper and orderly regulation and supervision of investment business firms or the protection of investors that an investigation should be held into the affairs of an investment business firm, the supervisory authority may apply to the Court and the Court, as it thinks proper, may appoint one or more inspectors to investigate the affairs of that investment business firm and, where necessary, any subsidiary or other associated or related undertaking and to report thereon in such manner as the Court directs.
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(2) Before applying to the Court to appoint an inspector under this section, the supervisory authority may, if it is of the opinion that it would not be prejudicial to the interests of shareholders or creditors or investors, notify the investment business firm concerned in writing of the action which it proposes to take and of the grounds on which it proposes to take it and, in such a case, the investment business firm shall, within such period as the supervisory authority may set out in the notification, be entitled to give to the supervisory authority a statement in writing explaining its activities.
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