S.L. 628.1 Art. 57Compliance review.

(1) The Authority shall have the power to initiate a review into the operations and, or conduct of the association and, or of its premises, whenever it deems necessary.

(2) If, throughout the conduct of such review, the Authority discovers that the operations, conduct and, or premises of the association may not be, or are not compliant with any applicable regulatory or binding instrument, it shall notify the association of this fact, giving such association a reasonable time within which to rectify any such irregularity, and, or to make any relevant submissions:

Provided that the Authority shall not be required to notify the association where, in the opinion of the Authority, any such notification may potentially prejudice any investigation related to such irregularity or where the Authority is precluded from informing the association by virtue of any applicable law.

(3) The Authority may initiate a formal investigation, and, or take such other measures, including any of the enforcement measures listed in regulation 63 as it may deem appropriate where the association fails to make submissions or, its submissions do not address the concerns raised by the Authority.