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Securities Services Act, 2004 (Act No. 36 of 2004)

Chapter IX : General Provisions

Powers of registrar and court

94. Powers of registrar after investigation or inspection

 

After an investigation or inspection has been done under section 93, the registrar may in order to achieve the objects of this Act referred to in section 2

(a) if the respondent is a company—
(i) apply to the court under section 346 of the Companies Act for the winding-up of the respondent as if the registrar were a creditor of the respondent;
(ii) apply to the court under section 427(2) of the Companies Act for a judicial management order in respect of the respondent as if the registrar were a creditor of the respondent;
(b) subject to section 5 of the Financial Institutions (Protection of Funds) Act, apply to the court for the appointment of a curator for the business of the respondent;
(c) direct the respondent to take any steps, or to refrain from performing or continuing to perform any act, in order to terminate or remedy any irregularity or state of affairs disclosed by the investigation or inspection;
(d) direct the respondent to prohibit or restrict specified activities, performed in terms of this Act, of a director, managing executive, officer or employee of the respondent, if the registrar believes that the director, managing executive, officer or employee is not fit and proper to perform such activities;
(e) refer the matter to the enforcement committee to be dealt with in accordance with sections 102 to 105: Provided that in the case of an investigation carried out by the directorate under Chapter VIII, such referral must be done by the directorate;
(f) hand the matter over to the National Director of Public Prosecutions provided that the contravention or failure constitutes an offence in terms of this Act.