Section 71

there has been a contravention of or failure to comply with any provision of this Act or any specification or requirement made, or any order in writing, direction, instruction, or notice given, or any limit, term, condition or restriction imposed under this Act;

Development Financial Institutions 89

an offence involving fraud or dishonesty under any other written law has been committed by the prescribed institution or any of its employees;

losses have been incurred by the prescribed institution which reduce its capital funds to an extent that the prescribed institution is no longer able to comply with the specifications of the Bank under subsection 38(1);

any irregularity which jeopardises the interest of stakeholders of the prescribed institution, or any other serious irregularity, has occurred;

he is unable to confirm the claims of the stakeholders of the prescribed institution;

there is any weakness in the internal controls which is relevant to the financial reporting process undertaken by the prescribed institution; or

the financial position of the prescribed institution is likely to be or has been materially affected by any event, conduct of activity by the prescribed institution or any weakness in the internal controls of the prescribed institution.

(Deleted by Act A1502).

Notwithstanding any obligation as to secrecy or other restriction on the disclosure of information imposed by any written law or otherwise, the auditor of a prescribed institution shall not be liable for breach of a duty of confidentiality between the auditor and the prescribed institution for reporting to the Bank in good faith in compliance with subsection (1).

Information to auditor