Retention of bond by recognised professional body or competent authority
10. The bond referred to in paragraph 3 shall be sent by the insolvency practitioner to—
(a)any professional body recognised under section 391 of the Act of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or
(b)any competent authority by whom the insolvency practitioner is authorised to act pursuant to section 393 of the Act.