47.
Power Reserve Bank to inspect chit books and
records.- (1) Nothing in section 46
shall be deemed to affect the power of the Reserve
Bank to inspect the books and records of any
foreman under the provisions of section 45N
of the Reserve Bank of India Act, 1934 (2 of
1934).
(2) The Reserve Bank may,
if it considers necessary forward a copy of
its report or of any part of its report on the
inspection of the books and records of a foreman
to the foreman for taking necessary action.
(3) Every foreman shall, on
report or part thereof under sub-section (2),
be bound to comply with the directions, if any
given by the Reserve Bank in this behalf and
shall if so required submit periodical reports
in regard to the action taken by him.
(4) The Reserve Bank may also
forward a copy of the report on the inspection
of the books and records of a foreman to the
State Government within whose jurisdiction the
registered office of the company, if the foreman,
is a company or the place or the principal place
of business of the foreman in any other case,
is situated for such action as may be considered
necessary.
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