(1) The Registrar or any Officer authorized by the Director of Chits in this behalf may inspect the Chit Books and all other records after giving seven days notice in writing to the foreman.
(2) Every foreman shall be bound to produce the Chit Books and other records before the Registrar or the officer authorized under sub-section (1) at the time and place mentioned in the notice and shall furnish such information to him as he may require:
Provided that such inspection may be made at the premises of the foreman if he pays in advance such fees as may be prescribed for the inspections:
Provided further that if the foreman is a banking company as defined in the Banking Regulation Act, 1949 (Central Act 10 of 1949) or a corporation established by or under any statute and carrying on the business of banking, such inspection shall be made only at the premises of the company or the corporation, as the case may be, and only on a working day and such foreman shall pay such fees as may be prescribed for the inspection.
CHAPTER IX Winding up of Chits