The FCA may, on the application of at least 10 qualifying members of a registered society, appoint an accountant or actuary to inspect the society's books and to report on them; but this is subject to subsection (3).
"Qualifying member" means a person who, immediately before the date of the application, has been a member for at least one year.
The members who make the application must deposit with the FCA as security for the costs of the proposed inspection such sum as the FCA may require.
The expenses of and incidental to the inspection are to be met—
in such proportions as the FCA directs.
A person appointed under this section has power to—
at all reasonable hours at the society's registered office or at any other place where the books are kept.
The FCA must communicate the results of any inspection under this section to the applicants and the society.