Inspection of books of an indebted co-operative society.

(1) Subject to the provisions of sub-section (2), on the application of a creditor of a society, an inspection shall be made of the books of the society by the Registrar or by a person authorised by him in this behalf by general or special order in writing. (2) No such inspection shall be made unless,- (a) the Registrar, after giving the society an opportunity of being heard, is satisfied that the alleged debt is a sum then due, and that the creditor has demanded payment thereof and has not received satisfaction within a reasonable time; and (b) the creditor deposits with the Registrar such sum as security for the costs of the inspection as the Registrar may direct. (3) The Registrar shall communicate the result of an inspection under this section to the creditor, to a society and to the financing bank, if any, of which the society is a member.