(1) In the circumstances mentioned in subsection (2) below, the FCA or the PRA may -
(a) appoint one or more competent inspectors to investigate and report on the affairs of a friendly society; or
(b) call a special meeting of a friendly society to consider its affairs; or
(c) appoint (whether on the same or on different occasions) an inspector or inspectors and call a special meeting for those purposes;
and, in the circumstances mentioned in subsection (3) below, the investigation or consideration may extend to the affairs of any body corporate which is or at any relevant time has been a subsidiary of or jointly controlled by the society concerned.
(2) The powers conferred by subsection (1) above may be exercised either -
(a) on the application of the requisite number of members of the society concerned; or
(b) where the FCA or the PRA is of the opinion that an investigation should be held into the affairs of the society, or that the affairs of the society call for consideration by a
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