The Secretary of State may appoint one or more competent inspectors to investigate the affairs of a company and to report the result of their investigations to him .
The appointment may be made—
in the case of a company having a share capital, on the application either of not less than 200 members or of members holding not less than one-tenth of the shares issued, (excluding any shares held as treasury shares)
in the case of a company not having a share capital, on the application of not less than one-fifth in number of the persons on the company's register of members, and
in any case, on application of the company.
The application shall be supported by such evidence as the Secretary of State may require for the purpose of showing that the applicant or applicants have good reason for requiring the investigation.