|
|
Duties of auditor of trustee savings bank.
|
38.—(1) If at any time an auditor of a trustee savings bank—
|
|
| |
(a) has reason to believe that circumstances exist which are likely to affect materially the bank's ability to fulfil its obligations to its depositors or creditors or any other of its financial obligations,
|
|
| |
(b) has reason to believe that there are material defects in the accounting records, systems of control of the business and records or of inspection and report thereon,
|
|
| |
(c) has reason to believe that there are material inaccuracies in or omissions from any returns made by the bank to the Central Bank,
|
|
| |
(d) proposes to qualify any report which he is to provide under this Act, or
|
|
| |
(e) has reason to believe that there are material defects in the system for ensuring the safe custody of documents of title belonging to the bank and deeds relating to property mortgaged to the bank,
|
|
| |
he shall forthwith report the matter to the Central Bank in writing.
|
|
| |
(2) An auditor of a trustee savings bank shall, if so requested by the Central Bank, furnish to the Central Bank a report stating whether in his opinion and to the best of his knowledge the bank has or has not complied with such requirements under this Act as may be specified in the request.
|
|
| |
(3) An auditor of a trustee savings bank shall send to it a copy of any report made by him to the Central Bank under subsection (1) or (2).
|
|
| |
(4) (a) Whenever the Central Bank is of opinion that the exercise of its functions under this Act or the protection of the interests of depositors so requires, it may require the auditor of a trustee savings bank to furnish the Central Bank with such information as it may specify in relation to the audit of the business of the bank.
|
|
| |
(b) The Central Bank may require that, in furnishing information for the purpose of this subsection, the auditor shall act independently of the bank.
|
|
| |
(5) No duty to which an auditor of a trustee savings bank may be subject shall be regarded as contravened, and no liability to the bank, its 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.
|
