Companies Act, 1973 (Act No. 61 of 1973)

Chapter XVA: Regulation of Securities

440D. Investigations by panel
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1)For the purposes of performing its functions in terms of this Chapter, the executive director or the panel may-
a)summon any person who is believed to be able to furnish any information on the subject of an investigation or to have in his or her possession or under his or her control any book, document or other object which has any bearing upon that subject, to lodge such book, document or other object with the executive director within the period specified in the summons, or to appear before the executive director or the panel at a time and place specified in the summons, to be interrogated or to produce such book, document or other object; and
b)interrogate any such person under oath or affirmation administered by the chairperson or a person appointed by him or her, and examine or retain for examination any such book, document or other object: Provided that any person from whom any book, document or other object has been taken and retained under this subsection shall, so long as such book, document or object is in the possession of the executive director or the panel, at his or her request be allowed, at his or her own expense and under the supervision of the investigating officer, to make copies thereof or to take extracts therefrom at any reasonable time.

 

2)A summons for the attendance of any person before the panel or a committee thereof or for the production to the panel or a committee thereof of any book, document or other object shall be in the form prescribed by the panel, shall be signed by any member of the panel, by the executive director or by the chairperson of a committee and shall be served in the manner so prescribed.

 

3)Any person who has been summoned to attend before, or to produce any book, document or other object to the executive director or the panel and who, without sufficient cause, fails to attend at the time and place specified in the summons or to remain in attendance until he or she is excused by the chairperson thereof from further attendance or, having attended, refuses to be sworn or to make an affirmation after he or she has been asked by the chairperson (or a person appointed by him or her) to do so or, having been sworn or having made affirmation, fails to answer fully and satisfactorily any question lawfully put to him or her, or fails to produce any book, document or other object in his or her possession or under his or her control which he or she has been summoned to produce, shall be guilty of an offence.

 

4)Any person who, after having been sworn or having made affirmation, gives false evidence before the executive director or the panel on any matter, knowing such evidence to be false or not believing it to be true, shall be guilty of an offence.

 

5)The law relating to privilege as applicable to a witness giving evidence before, or summoned to produce a book, document or other object to, a provincial division of the High Court of South Africa shall apply in relation to any person summoned under this section.

 

6)Nothing contained in this Chapter shall be deemed to compel the production by a legal adviser of a letter, report or other document containing a privileged communication made by or to him as legal adviser, or to authorise the seizure or retention thereof.