(1) Upon the application made in writing under their hands -

(a) of one-fifth of the whole number of members of a registered society or branch; or

(b) in the case of a registered society or branch of one thousand members and not exceeding ten thousand, of one hundred members; or

(c) in the case of a registered society or branch of more than ten thousand members, of five hundred members,

the chief registrar may by himself, or by any assistant registrar, or by any actuary or any other person whom the chief registrar may appoint in writing under his hand, investigate the affairs of the society or branch, but shall give not less than one month previous notice in writing to the society or branch whose affairs are to be investigated.

(2) The application shall -

(a) state that the funds of the society or branch are insufficient to meet the existing claims thereon, or that the rates of contribution fixed in the rules of the society or branch are insufficient to cover the benefits assured; and

(b) set forth the grounds on which the insufficiency is alleged; and