s.40Powers and duties of the Authority
40
Section 40Part 5 — Additional Provisions Relating to Credit Unions

Powers and duties of the Authority

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Without prejudice to any other provision of this Law, it is the duty of the Authority —
to maintain a general review of credit union business practice in the Islands;
to assess the fitness and propriety of persons required to be so assessed under this Law and notify the Registrar of the determination of the assessment in respect of such persons;
whenever the Authority thinks fit, to examine the affairs or business of any credit union carrying on business in the Islands for the purpose of satisfying itself that this Law has been or is being complied with, and that the credit union is in a sound financial position and is carrying on its business in a satisfactory manner;
to assist in the investigation of any offence against the laws of the Islands which the Authority has reasonable grounds to believe has or may have been committed by a credit union or by any of its directors or officers in their capacity as such; and
to examine annual accounts prepared under section 39, and report on them to the Cabinet whenever the Authority thinks fit.
In matters relating to credit unions, the Authority shall take all necessary action to ensure the proper and just implementation of this Law.
In the performance of its functions under this Law and subject to the Monetary Authority Law (2020 Revision), the Authority is entitled at all reasonable times —
to have access to such books, records, vouchers, documents, cash and securities of any credit union;
to request such information, matter or thing from any person who the Authority has reasonable grounds to believe is carrying on business in contravention of this Law; and
to call upon the committee of a credit union, or any officer designated by the committee, for such information or explanation, as the Authority may reasonably require for the purpose of enabling it to perform its functions under this Law, and information requested under paragraph (b) shall be provided in such form as the Authority may reasonably require.
If it appears to the Authority that there are reasonable grounds for suspecting that an offence against this Law has been or is being committed by any credit union, the Authority may take such action as it considers necessary, in the interest of the members or creditors of the credit union, to preserve any assets held by the credit union.
Whoever fails to comply with any requirement under subsection (3) by the Authority commits an offence and liable on summary conviction to a fine of five thousand dollars and to imprisonment for six months.

Cross References