(1) This section applies if an inspector appointed under section 747(1) or 748(1) has reasonable grounds for believing that a director (the "director") of the company or related body corporate under investigation maintains or has maintained a bank account of any description, whether alone or jointly with another person and whether in the State or elsewhere, into or out of which there has been paid money described in subsection (2).

(2) The money referred to in subsection (1) is -

(a) any money that has resulted from, or been used in, the financing of any transaction, arrangement or agreement -

(i) particulars of which have not been disclosed in a note to the financial statements of any company for any financial year as required by section 307, 308 or 309;

(ii) in respect of which any amount outstanding was not included in the aggregate amounts outstanding in respect of certain transactions, arrangements or agreements as required by section 311 to be disclosed in a note to the financial statements of any company for any financial year;