Inspection of books of co-operative society by a credit agency

(1) A credit agency shall have the right to inspect the books of any co-operative society which has either applied to the credit agency for financial assistance or is indebted to it. (2) The inspection may be made either by an officer of the credit agency or a member of its paid staff authorized by the credit agency as competent to undertake such inspection. (3) The officer or member so inspecting shall, at all reasonable times, have free access to the books, account, document, securities, cash and other properties belonging to or in the custody of the co-operative society and may also call for such information, statements and returns as may be necessary to ascertain the financial conditions of the co-operative society, and to ensure security of the sums lent to it by the credit agency;