Companies Act, 1862

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Examination of affairs of company by inspectors appointed by Board of Trade.

56. The Board of Trade may appoint one or more competent inspectors to examine into the affairs of any company under this Act, and to report thereon, in such manner as the Board may direct, upon the applications following; (that is to say,)

(1.) In the case of a banking company that has a capital divided into shares, upon the application of members holding not less than one third part of the whole shares of the company for the time being issued:

(2.) In the case of any other company that has a capital divided into shares, upon the application of members holding not less than one fifth part of the whole shares of the company for the time being issued:

(3.) In the case of any company not having a capital divided into shares, upon the application of members being in number not less than one fifth of the whole number of persons for the time being entered on the register of the company as members.