Section 42: Regular examinations

42. Regular examinations (1) The central bank shall conduct regular examinations of the operations and affairs of every financial institution at least once every 2 years including, where the central bank so specifies, of affiliates and overseas branches and affiliates of the financial institution, to be made by its officers or such other duly qualified person as it may appoint and such examinations may be of a scope as the central bank considers necessary to assess that the financial institution is duly observing the banking laws, guidelines, and instructions issued by the central bank and is in a sound financial condition. (2) Where the central bank appoints a duly qualified person to conduct a regular examination under subsection (1), the costs incurred in that connection may be recovered, in whole or in part, by the central bank by deduction from any balance of, or money owing to, the financial institution, as if it were a civil debt. [S. 42 amended by s. 2 (c) of Act 15 of 2006 w.e.f. 7 August 2006; s. 3 (k) of Act 27 of 2013 w.e.f. 21 December 2013.]