A294
(Cap. 32.)
Application
of Companies
Ordinance to Exchange Company. (Cap. 32.)
Transitional committee.
Functions of
the transitional committee. (Cap. 32.)
Powers of the transitional committee.
Ord. No. 55/80
STOCK EXCHANGES UNIFICATION
(5) Notwithstanding anything in the Companies Ordinance, the Regis- trar of Companies may register articles of association delivered under subsection (4), notwithstanding that the articles have not been signed by all or any of the subscribers to the memorandum of association of the company; and the articles so registered shall be as valid and binding as if they had been signed by each subscriber and witnessed in the manner provided by that Ordinance.
4. The provisions of the Companies Ordinance shall apply to the Exchange Company to the extent that they are not inconsistent with this Ordinance.
5. (1) There shall be a committee to be known as the transitional committee which shall consist of the members for the time being of the Council.
(2) The chairman of the transitional committee shall be elected by the members of the committee.
(3) At any meeting of the transitional committee-
(a) 4 members shall form
quorum;
(b) the chairman shall have a deliberative vote, and, in the case of
an equality of votes shall also have a casting vote; and
(c) all questions before the transitional committee shall be decided
by a majority of the members present and voting thereon.
(4) Subject to subsection (3) the procedure at meetings of the
transitional committee shall be determined by the committee.
(5) The members of the transitional committee shall hold office until such time as the Committee of the Exchange Company is first elected under section 9.
(6) The transitional committee may appoint sub-committees of its members and may delegate to any such sub-committee any of its powers or functions, other than the power of delegation conferred by this sub- section.
(7) A delegation under subsection (6) may be revoked at any time, and no such delegation shall prevent the exercise or performance of any power or function by the transitional committee.
6. (1) Notwithstanding anything in the Companies Ordinance or in the constitution of the Exchange Company, the management and control of the Exchange Company shall, until such time as the Committee is first elected under section 9, be vested in the transitional committee.
(2) The transitional committee shall, in the exercise of its functions under subsection (1), promote by all practicable means the attainment of the objects of the Exchange Company, and in particular the establishment and operation of a stock market, and the provision of adequate and properly equipped premises therefor.
(3) The transitional committee shall have such additional functions and duties as are specified in this Ordinance.
7. (1) The transitional committee shall have all such powers as may be necessary to enable it to carry out its functions, and without limiting the generality of the foregoing but subject to this Ordinance—
(a) shall have the powers vested in the Committee of the Exchange
Company by the articles of association; and
DIFU
Legal Supplement No. 1
TO THE
HONG KONG
GOVERNMENT GAZETTE
Published by Authority
FRIDAY, 8 AUGUST, 1980
SUP. TO GAZETTE No. 32 VOL. CXXII