Amendment status not verified — confirm the current text below against the official source.
(1) The Registrar may, at any time, of his own motion, hold, by himself or by a person authorised by him by order in writing, an inquiry into the constitution, working and financial condition of a co-operative society: (2) Such an inquiry shall be held on the application of— (a) the financing bank, if any, of which the society is a member and a debtor; (b) a majority of the members of the managing committee of the society; (c) one-third of the members of the society, each of whom has been a member of the society for not less than twelve months immediately preceding the date of the application and shall have deposited such security for costs, if any, as the Registrar may direct; (d) creditors representing not less than one-half of the borrowed capital of the society, who shall have deposited such security for costs, if any, as the Registrar may direct: Provided that, in the case of any society having more than one thousand and five hundred members, an application under this sub- section may be presented by detegates elected in the prescribed manner. (3) The Registrar shall communicate the report of any inquiry under this section or a summary thereof to the society, to the financing bank, if any, of which the society is a member, and to the creditors, who applied for the inquiry. Cost of