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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 165A

Appointment and powers of inspectors to investigate ownership of company.

165A.(1) Where it appears to the Department that there is good reason so to
do, the Department may appoint one or more competent inspectors to investigate
and report on the membership of any company and otherwise with respect to
the company for the purpose of determining the true persons who are or have
been financially interested in the success or failure (real or apparent) of
the company or able to control or materially to influence the policy of
the company.

(2) The appointment of an inspector under this section may define the scope of
his investigation, whether as respects the matters or the period to which it
is to extend or otherwise, and in particular may limit the investigation to
matters connected with particular shares or debentures.

(3) Where an application for an investigation under this section with respect
to particular shares or debentures of a company is made to the Department by
members of the company, and the number of applicants or the amount of the
shares held by them is not less than that required for an application for the
appointment of an inspector under section 158, the Department shall appoint an
inspector to conduct the investigation unless the Department is satisfied that
the application is vexatious, and the inspector's appointment shall not
exclude from the scope of his investigation any matter which the application
seeks to have included therein, except in so far as the Department is
satisfied that it is unreasonable for that matter to be investigated.

(4) Subject to the terms of an inspector's appointment his powers shall extend
to the investigation of any circumstances suggesting the existence of an
arrangement or understanding which, though not legally binding, is or was
observed or likely to be observed in practice and which is relevant to the
purposes of his investigation.

(5) For the purposes of any investigation under this section, sections 160 to
162 shall apply, with the necessary modifications of references to the affairs
of the company or to those of any other body corporate, so, however, that

(a)the said sections shall apply in relation to all persons who are or have
been, or whom the inspector has reasonable cause to believe to be or have
been, financially interested in the success or failure or the apparent success
or failure of the company or any other body corporate whose membership is
investigated with that of the company, or able to control or materially to
influence the policy thereof, including persons concerned only on behalf of
others, as they apply in relation to officers and agents of the company or of
the other body corporate, as the case may be; and

(b)the Department shall not be bound to furnish the company or any other
person with a copy of any report by an inspector appointed under this section
or with a complete copy thereof if the Department is of opinion that there is
good reason for not divulging the contents of the report or of parts thereof,
but shall cause to be kept by the registrar a copy of any such report or, as
the case may be, the parts of any such report, as respects which they are not
of that opinion.][

© 1960 Crown Copyright

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