(1) The National Housing Bank shall have free access to all such records of any ¹[institution] which seeks to avail of any credit facilities from the National Housing Bank and to all such records of any person who seeks to avail of any credit facilities from such ¹[institution], the perusal of which may appear to the national Housing Bank to be necessary in connection with the providing of finance or other assistance to such ¹[institution] or the refinancing of any loan or advance made to such person by that ¹[institution].
     (2) The National Housing Bank may require any institution or person referred to in sub-section (1), to furnish to it copies of any of the records referred to in that sub-section and the institution or the person, as the case may be, shall be bound to comply with such requisition.