(1) The Registrar may, at any time, of his own motion or shall at the request of the administrative head in charge of the Civil Subdivision or other Administrative Area, hold an inquiry or direct some person authorized by him by order in writing in this behalf, to hold an enquiry into the constitution, working and financial condition of a registered society.
(2) Such an inquiry shall also be held on the application of
(i) the affiliating society, if any, of which the society is a member and a i debtor ;
(ii) a majority of the members of the managing body ;
(iii) one-third of the members of the society, who shall have deposited such security for costs, if any, as the Registrar may direct;
(iv) creditors representing not less than one half of the borrowed Capital of the society, who shall have deposited such security for costs, if any, as the Registrar may direct.
“ (3) The Registrar shall communicate the result of any enquiry under this section to the society and to the person at whose request such enquiry was made.