Financial Intermediaries Act 1996

The registrar may appoint an investigator to investigate a society’s affairs if the registrar considers that it is desirable to do so—

for the protection of the public, or of the society’s members or creditors; or

in the public interest.

The registrar may appoint a person as investigator only if the person has, in the registrar’s opinion, the appropriate expertise for the position (whether because of training or otherwise).

The registrar must, in the instrument appointing an investigator, state full particulars of the appointment including—

the matters into which the investigations are to be made, being all the affairs or particular affairs of the society; and

the terms (if any) of the investigator’s appointment.

The registrar may—

in the instrument appointing an investigator, state the period during which the investigation is to be made; and

at any time, by written notice given to an investigator, vary—

particulars stated in the instrument of appointment, being particulars mentioned in subsection (3)(a) or (b); or

the period during which the investigation is to be made.

The registrar may, by written notice given to an investigator, terminate the appointment at any time.