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An isolated case involving the issue of emergency powers begs the question whether the councillors involved had an undeclared and prejudicial conflict of interest, and that is a matter for the police to investigate. Even if the Monitoring Officer and the Council's standards committee did find a breach of the members code of conduct ( a big if) the power to sanction lies in the council, and it can't do much.
The problem is that local authority governance lacks both teeth and an independent agency to enforce it.
When you consider the sums involved this is rather remarkable.