(1) The Board of Trade may appoint one or more competent inspectors to investigate the affairs of any company and to report thereon in such manner as the Board direct -
(i) In the case of a banking company having a share capital, on the application of members holding not less than one third of the shares issued:
(ii) In the case of any other company having a share capital, on the application of members holding not less than one tenth of the shares issued:
(iii) In the case of a company not having a share capital, on nthe application of not less than one fifth in number of the persons on the company's register of members.
(2) The application shall be supported by such evidence as the Board of Trade may require for the purpose of showing that the applicants have good reason for, and are not actuated by malicious motives in requiring, the investigation; and the Board of Trade may, before appointing an inspector, require the applicants to give security for payment of the costs of the