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Reporting to Director of Corporate Enforcement of misconduct by receivers
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448. (1) Where a disciplinary committee or tribunal (however called) of a prescribed professional body—
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(a) finds that a member of that body who is conducting or has conducted a receivership has not maintained appropriate records in relation to that activity, or
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(b) has reasonable grounds for believing that such a member has committed a category 1 or 2 offence during the course of conducting a receivership,
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the professional body shall report the matter, giving details of the finding or, as the case may be, of the alleged offence, to the Director of Corporate Enforcement forthwith.
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(2) If a professional body fails to comply with this section, it, and any officer of the body to whom the failure is attributable, shall be guilty of a category 3 offence.
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