Amendment status not verified — confirm the current text below against the official source.
A financing bank or a federal society shall have the right to inspect the books of any society which is indebted to it. The inspection may be made either by an officer of the financing bank or federal society authorised by the committee of such bank or society or by a member of its paid staff certified by the competent to undertake such Inspection of books by financing bank or federal society. 100 [Act No.7 of 1964] inspection. The officer or member so 210[authorised to conduct the inspection] shall at all reasonable times have free access to the books, accounts, documents securities, cash and other properties belonging to or in the custody of the society and may also call for such information, statements and returns as may be necessary to ascertain the financial condition of the society and the safety of the sums lent to it by such bank or society. 210[The Officer or Member so authorised to conduct the inspection shall prepare a report of inspection which shall be communicated to the Managing Committee of the society together with the findings of the Registrar thereon. It shall be the responsibility of the Managing Committee to place the Inspection Report together with the findings of the Registrar before the General Body or Special General Body convened for the purpose for its information, within a period of one month of the communication of the Inspection Report by the Registrar. The Registrar shall be competent to initiate action under the provisions of this Act, if the Committee fails to take action as aforesaid: Provided that such action shall not be nullified even if the General Body of the Society passes a resolution negativing the findings of the Registrar: Provided further that notwithstanding anything contained in this Act and Rules made thereunder the bye- laws of a Society and the action of the Society in placing the Inspection Report along with findings of the Registrar, the Registrar shall not be precluded from taking, follow up action as may be required on the basis of Inspection Report.]