s 50 Enquiry as to application of moneys lent
(1) Where the Authority or a board have made a loan of money under this Act it may— (a) from time to time, make or cause to be made such enquiry as may be necessary to ensure that the loan is being applied to the purposes for which it was made; (b) require financial statements in such detail as it may determine to be submitted by the person, body or authority in receipt of the loan biannually or at shorter intervals at the discretion of the Authority or board, as the case may be, and such person, body or authority shall comply with such request. (2) The Authority or a board may authorize in writing any of its officers or any other person to make such enquiry, and the person, body or authority in receipt of the loan shall produce to such officer or person all the relevant books, documents and other matters and things necessary for the purposes of the enquiry. (3) Any person who contravenes paragraph (1)(b) or subsection (2) shall be liable to a fine of one thousand ringgit.