Financial Intermediaries Act 1996

The expenses of and incidental to an investigation into a society’s affairs (including the costs incurred and payable by the registrar in a proceeding brought by the registrar in a society’s name) must be paid by the registrar.

However, if the registrar considers that the whole or a part of the expenses of and incidental to an investigation (including the costs incurred and payable by the registrar in a proceeding brought by the registrar in a society’s name) should be paid by the society, the registrar may by order—

direct that the whole, or part of, the expenses be paid by the society; or

if the registrar has already paid the expenses under subsection (1)—direct the society to reimburse the registrar; or

in either case—direct the society to reimburse the registrar for the remuneration of an employee of the registrar connected with the investigation.

The order may state—

the amount of the expenses to be paid or reimbursed; and

how and when the payment or reimbursement of the expenses is to be made.

The society named in the order, to the extent stated in the order, is liable to pay the expenses or reimburse the registrar for the expenses.

An amount for which the society is liable under the order may be recovered as a debt due to the registrar in a court having jurisdiction for the recovery of debts up to the amount involved.

An investigator may include in the report a recommendation whether—

an order under subsection (2) should be made; or

an application under subsection (7) for a similar order should be made; or

both an order and an application should be made.

An application may be made to a court by or on behalf of the registrar for the court to make the same order as the registrar may make under subsection (2).

The court may make an order with respect to the application or its subject matter as it considers appropriate.

Subsections (3), (4) and (5) apply to an order by the court as if it were an order made by the registrar.

An application under subsection (7) may be made—

during proceedings in the court instituted in the society’s name under section 199(4); or

on, or within 14 days after, a conviction by the court in proceedings certified by the registrar for the purposes of the application to have been instituted as a result of an investigation under this part of affairs of a stated society.