(1) The Registrar shall, on the application of a creditor of a co-operative society, inspect or direct some person authorised by him by order in writing in this behalf to inspect the books of the society:
     Provided that no such inspection shall be made unless the applicant--
         (a) satisfies the Registrar that the debt is a sum then due, and that he has demanded payment thereof and has not received satisfaction within a reasonable time; and
         (b) deposits with the Registrar such sum as security for the costs of proposed inspection as the Registrar may require.
     (2) The Registrar shall communicate the result of any such inspection to the creditor.