Inquiry

(1) The Registrar may conduct an inquiry or cause an inquiry to be conducted expeditiously into any specific matter touching the constitution, management, working or financial condition of a Co-operative. (2) An inquiry of the nature referred to in sub-section (1) shall be held on the application of.- (a) the Federal Co-operative to which the Co-operative is affiliated; or (b) not less than one third of the members of the Board of the Co-operative or (c) not less than one-tenth of the total number of members of the Co-operative or a minimum of ten members of the Co-operative. (3) The application under sub-section (2) shall be accompanied by such fee as may be prescribed. (4) The Registrar may himself conduct the inquiry or appoint an inquiry officer to conduct the inquiry. The cost of inquiry shall be met by the creditor or the Federal Co-operative or the Co-operative, as the case may be, as may be decided by the Registrar. (5) An inquiry under sub-section (2) shall be completed within a period of twelve months which may however be extended by the Registrar for a further period of six months for reasons to be recorded in writing. (6) When an inquiry is made under this section, the Registrar shall, within a period of one month from the date of receipt of inquiry report, send a copy of the inquiry report to- (a) the applicants; (b) the Co-operative concerned; (c) the creditors concerned; (d) the Federal Co-operative and (e) the Reserve Bank in case the inquiry conducted under this section relates to a Co-operative Bank.