Inspection of books by order of [F1FCA] N.I.
56.—(1) Subject to paragraph (2), the [F2FCA] may, on the application of 10 members of a credit union each of whom has been a member of the credit union for not less than 12 months immediately preceding the date of the application, appoint an accountant or actuary to inspect, and to report on, the books of the credit union.
(2) The members making an application under paragraph (1) shall deposit with the [F3FCA] as security for the costs of the proposed inspection such sum as [F4the FCA] may require; and all expenses of and incidental to the inspection shall be defrayed by the applicants, or out of the funds of the credit union, or by the members or officers, or former members or officers, of the credit union, in such proportions as the [F3FCA] shall direct.
(3) A person appointed under this Article may make copies of, and take extracts from, any books of the credit union at all reasonable hours at the credit union's registered office or at any other place where those books are kept.
(4) The [F5FCA] shall communicate the results of any inspection under this Article to the applicants and to the credit union.
F1Word in art. 56 heading substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 2(k) (with art. 3)
F2Word in art. 56(1) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 2(k) (with art. 3)
F3Word in art. 56(2) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 2(k) (with art. 3)
F4Words in art. 56(2) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 3(b) (with art. 3)
F5Word in art. 56(4) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 2(k) (with art. 3)