(1) Where -

(a) an application is made to the Bank by not less than 30 members of a credit union, each of whom has been a member of the credit union throughout the period of 12 months ending on the date of the application, or

(b) the Bank is of the opinion that it is necessary to do so in the interest of the orderly and proper regulation of the business of a credit union,

the Bank, as it thinks fit, may appoint one or more inspectors to investigate the affairs of the credit union or may call a special general meeting of the credit union.

(2) The Bank may, either on the same or on different occasions, both appoint an inspector and call a meeting under subsection (1).

(3) An application under subsection (1)(a) shall be supported by such evidence as the Bank may require for the purpose of showing that the applicants -

(a) have good reason for requiring the investigation to be made or the meeting to be called; and

(b) are not actuated by malicious motives in their application;