as the Resident Commissioner may direct, but at intervals of not
more than one year.

(2.) Such inspection and audit may be by the Resident Com-
missioner himself or by such person or persons (hereinafter called
the “Auditor”) as he may in writing appoint for the purpose.

(3.) The Resident Commissioner and every auditor shall have a
right of access at all times to the books, accounts, and vouchers of
the Native company, and shall be entitled to require from the
manager, directors, and any other officers of the company such
information and explanation as may be necessary for the performance
of his duties.

(4.) Every person refusing or failing to allow such access or to
supply such information or explanation shall be guilty of an offence
punishable by a fine not exceeding £50.

14. (1.) The Auditor shall prepare a balance-sheet for the Resident
    Commissioner, and also a report stating his opinion as to—

(a.) Whether the books, accounts, and vouchers aforesaid contain
a true and correct record of the company's transactions
and affairs;

(b.) Whether the transactions and affairs of the company are
being carried on and conducted in a satisfactory and
businesslike manner, and in the best interests of its
members;

(c.) Whether the company is being or is likely to be carried on
at a profit to its members;

(d.) Whether the company should continue its operations or
whether it should be wound up.

(2.) A copy of every such balance-sheet and report shall be
handed to the manager of the Native company concerned, who
shall place them before the next general or extraordinary general
meeting of members.

15. (1.) The provisions contained in the Partnership Act, 1908,
    as to dissolution of partnership shall apply to all Native companies
    registered under this regulation.

(2.) In addition to the above provision as to dissolution, a Native
company may be wound up by the High Court under the following
circumstances, that is to say:-

(a.) If the company passes a special resolution requiring the
company to be wound up by the Court; or

(b.) If the company does not commence its business within a
year from its registration, or suspends its business for the
space of a whole year; or

(c.) If the members are reduced in number to less than ten;

(d.) If the company is unable to pay its debts; or

(e.) If the Court is of the opinion that it is just and equitable
that the company should be wound up.

(3.) The High Court shall have full jurisdiction and all powers
necessary for the due and proper winding-up of a Native company,
including, where necessary and applicable, all powers conferred upon
the Supreme Court of New Zealand by Part VI of the Companies
Act, 1908.

(4.) Any application to the Court for dissolution or winding-up
under this clause may be made by the Resident Commissioner, as
well as by any member of a Native company or by any other
interested person or party.

16. The fees set out in the Second Schedule hereto shall be
    payable under these regulations.

FIRST SCHEDULE.

CERTIFICATE OF REGISTRATION.

I HEREBY certify that a Native company called has been
duly registered under the provisions of the Cook Islands Native
Companies Regulations, 1923.

Dated at this day of , 19 .

[SEAL.]

Registrar of Native Companies.

SECOND SCHEDULE.

s. d.
APPLICATION for certificate of registration .. .. 10 0
Certificate of registration .. .. .. Nil.
Inspection of register or of any document .. .. 2 0
Certified copy of or extract from any document, for each folio
of 72 words .. .. .. .. .. 1 0
Minimum charge for such certified copy or extract .. 5 0

C. A. JEFFERY,
Acting Clerk of the Executive Council.