(1)Any defalcation or loss of moneys or stamps belonging to the Market Committee shall be reported immediately after discovery to the Director and also to the officer looking after marketing work in whose jurisdiction the Market Committee is situated, further and complete report shall also be submitted to them as soon as may be after the matter has been fully enquired into, setting forth the nature an extent of defalcation or loss, the errors or neglect of rules by which such defalcation or loss was rendered possible, and the prospect of effecting a recovery.
