362. Financial penalties for failure to comply with relevant requirements.

As from a day to be appointed the following provisions have effect1. The registrar2 may refer to the professional conduct committee3 for investigation information in his possession which indicates that there may be grounds for imposing a financial penalty under these provisions4.

The professional conduct committee may impose a financial penalty if satisfied that a body corporate failed to comply with a relevant requirement5.

In such a case, a financial penalty may be imposed on:

  1.  

    (1)     the body corporate concerned6;

  2.  

    (2)     any person who was a director of that body at the time of the body's failure to comply with the