| 75(1) |
The executive director, |
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(a) |
where the executive director is about to commence an
investigation of an industry member under section 38, or
during or after such an investigation, |
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(b) |
where |
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(i) criminal proceedings, or |
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(ii) proceedings in respect of non-compliance with this
Act, the regulations, the bylaws or the rules |
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that, in the opinion of the executive director, are
connected with or arise out of a transaction in the business
of an industry member, are about to be or have been
instituted against any industry member, or |
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(c) |
where the executive director has reason to believe that the
trust funds in an industry member’s trust account are less
than the amount for which the industry member is
accountable, |
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may do any or all of the things referred to in subsection (2). |
| (2) |
If subsection (1) applies, the executive director may do one or
more of the following: |
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(a) |
in writing |
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(i) direct any person having on deposit or under that
person’s control or for safekeeping any funds or
securities of the industry member to hold those funds
or securities, or |
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(ii) direct the industry member to refrain from
withdrawing funds or securities referred to in
subclause (i) from any person who has them on
deposit, under control or for safekeeping, |
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until the executive director in writing revokes the
direction or consents to release any particular fund or
security from the direction; |
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(b) |
in writing direct any person having on deposit or under
that person’s control or for safekeeping any funds or
securities of the industry member to pay those funds or
securities into or deposit those funds or securities with the
Court; |
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(c) |
where subsection (1)(a) applies, publish in a form and
manner that the executive director considers appropriate
information about the subject-matter of the investigation. |
| (3) |
Where under subsection (2)(a) the executive director directs a
person to hold funds or securities, the executive director may send
to those persons whom the executive director is readily able to
identify as having an interest in those funds or securities a notice
stating that the funds or securities are being held. |
| (4) |
Where under subsection (2)(b) the executive director directs a
person to pay funds or securities into or deposit funds or securities
with the Court, the executive director shall send to those persons
whom the executive director is readily able to identify as having an
interest in those funds or securities a notice stating that |
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(a) |
the funds or securities have been paid into or deposited
with the Court, and |
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(b) |
a person may apply to the Court for an order directing payment or distribution of all or part of the funds or securities to one or more persons. |
| (5) |
An application under subsection (4)(b) must be served on the industry member. |
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RSA 2000 cR-5 s75;2001 cC-28.1 s465;2003 c31 s19;
2007 c39s44; 2009 c53 s157
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