Inspection of books of co-operative society by a bank

(1) A bank shall have the right to inspect the book of any co-operative society which has either applied to the bank for financial assistance or is indebted to the bank on account of financial assistance granted earlier. (2) The inspection of co-operative society may be carried out by an officer or any other member of the paid staff of the bank with the previous sanction in writing of a Registrar of Co-operative Societies. (3) The officer or any other member of the paid staff of the bank, undertaking such inspection, shall at all reasonable time, have access to the books of accounts, documents, securities, cash and other properties belonging to or in the custody of the co-operative society inspected by him, and shall also be supplied by such society such information, statements and returns as may be required by him to assess the financial condition of the society and security of the money advanced or to be advanced to the society by way of financial assistance.