Subject to subsection (2) of this section, the FCA may, if it thinks fit, on the application of ten members of a registered society each of whom has been a member of the society for not less than twelve months immediately preceding the date of the application, appoint an accountant or actuary to inspect the books of the society and to report thereon.
The members making an application under the foregoing subsection shall deposit with the FCAas security for the costs of the proposed inspection such sum as it may require; and all expenses of and incidental to the inspection shall be defrayed by the applicants, or out of the funds of the society, or by the members or officers, or former members or officers, of the society, in such proportions as the FCA may direct.
A person appointed under this section shall have power to make copies of any books of the society, and to take extracts therefrom, at all reasonable hours at the society’s registered office or at any other place where those books are kept.
the FCA shall communicate the results of any inspection under this section to the applicants and to the society.