(1) The National Housing Bank may at any time and shall, on being directed so to do by the Reserve Bank, cause an inspection to be made by one or more of its officers of any ¹[institution] to which the National Housing Bank has made any loan or advance or granted any other financial assistance, and its books, accounts and other documents; and the National Housing Bank shall supply to the ¹[institution] a copy of its report on such inspection.
     (2) It shall be the duty of every officer, employee or other person or persons incharge of the whole or part of the affairs of the ¹[institution] to produce to any officer making an inspection under subsection (1), all such books, accounts and other documents in his custody or power and to furnish within such time as the said officer may specify, any statements, information relating to the affairs of the ¹[institution] as the said officer may require of him.