—(1) The Minister may appoint one or more inspectors to investigate the affairs of a company or such aspects of the affairs of a company as are specified in the instrument of appointment and to report thereon in such manner as the Minister directs —
in the case of a company having a share capital, on the application of —
not less than 200 members (excluding the company itself if it is registered as a member) or of members holding not less than 10% of the shares issued (excluding treasury shares); or
holders of debentures holding not less than 20% in nominal value of debentures issued;
in the case of a company not having a share capital, on the application of not less than 20% in number of the persons on the company’s register of members; or
in any case on the application of a company in pursuance of a special resolution.
(2) An application under this section shall be supported by such evidence as the Minister requires as to the reasons for the application and the motives of the applicants in requiring the investigation, and the Minister may before appointing an inspector require the applicants to give security for such amount as he thinks fit for payment of the cost of the investigation.
[UK, Treasury Shares, Sch., para. 23; Aust., 1961, s. 169]