Financial Intermediaries Act 1996

The registrar may, on the written application of a majority of the directors of a society or of not less than 10% of the members of a society, or on the registrar’s own initiative—

call a special meeting of the society; or

hold an inquiry into affairs (including the working and financial condition) of the society.

An application under subsection (1) must be supported by the evidence that the registrar directs to show that—

the applicants have good reason for requiring the meeting or inquiry; and

the application is made without malicious motive.

If the registrar directs, notice of the application must be given to the society.

Security for the expenses of a meeting or inquiry must be given—

if the meeting is called or inquiry is held on an application under subsection (1)—by the applicants; or

if paragraph (a) does not apply—by the persons and in the way the registrar directs.

The registrar may—

direct the time and place the meeting or inquiry is to be held; and

direct what matters are to be discussed or decided; and

despite the society’s rules, give notice to members of the holding of the meeting or inquiry as the registrar considers appropriate.

The registrar may, by written notice, direct the directors and the other persons the registrar requires to attend the meeting or inquiry.

A person to whom a direction is given under subsection (6) must not fail to comply with the direction, unless the person has a reasonable excuse.

A meeting held under this section has all the powers of a meeting called under the society’s rules and has power to appoint a person to preside at the meeting, despite any rule of the society to the contrary.

The registrar, or a person nominated by the registrar, may attend and address a meeting held under this section.

The expenses of and incidental to the meeting or inquiry may be defrayed by the applicants, or out of the society’s funds, or by an officer or member, or former officer or member, in the proportions agreed to between the registrar and those persons.

The expenses may be recovered as a debt in a court having jurisdiction for the recovery of debts up to the amount involved.

In default of agreement under subsection (10), the expenses must be defrayed by the persons, and in the proportions, that the Supreme Court, on the application of the registrar, directs.