Investigation of concerted interstate defaults and other defaults involving interstate elements
406 Investigation of concerted interstate defaults and other defaults involving interstate elements
This section applies if either of the following appears to have happened—
a concerted interstate default;
a default to which section 401 applies.
The law society may request a corresponding authority or corresponding authorities to act as agent or agents for the law society, for processing or investigating a claim about the default or aspects of the claim.
The law society may act as agent of a corresponding authority, if requested to do so by the corresponding authority, for processing or investigating a claim about the default or aspects of the claim.
If the law society agrees to act as agent of a corresponding authority under subsection (3), the law society may perform and exercise any of its functions and powers in relation to processing or investigating the claim or aspects of the claim as if the claim had been made wholly under this part.
This Act’s bill:Explanatory memorandum
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