Section 75: Power to inspect

75. Power to inspect.-- (1) The State Bank shall, on being directed so to do by the 1[Federal Government] or by the High Court, cause an inspection to be made one or more of its officers of a banking company which is being wound up and its books and accounts. (2) On such inspection, the State Bank shall submit its report to the 1[Federal Government] and the High Court. (3) If the 1[Federal Government], on consideration of the report of the State Bank, is of opinion that there has been a substantial irregularity in the winding up proceedings, it may bring such irregularity to the notice of the High Court for such action as the High Court may think fit. (4) On receipt of the report of the State Bank under sub-section (2) or on any irregularity being brought to its notice by the 1[Federal Government], under sub-section (3) the High Court may, if it deems fit, after giving notice to and hearing the 1[Federal Government] in regard to the report, give such directions as it may consider necessary.

Effective date: 1962-06-07

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