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Ord. No. 55/80
Committee to
manage the Exchange Company.
Appointment
of person to replace Committee.
Membership of
the Exchange Company.
Disqualifica-
tions from being an
individual member. (Cap. 155.)
STOCK EXCHANGES UNIFICATION
(3) No person other than a member of the Exchange Company shall be qualified to be a member of the Committee.
(4) The Committee shall have a chairman who-
(a) shall be elected in the first year and in each year thereafter by
secret ballot of members of the Exchange Company; and
(b) may be re-elected, but shall not be elected on more than 2
consecutive occasions.
(5) Subject to this Ordinance and to any other law, the election of the Committee and all matters relating to the Committee shall be governed by the articles of association.
10. Upon the election of the Committee under section 9 the manage- ment and control of the Exchange Company shall, subject to this Ordinance and to the constitution of the Exchange Company, be vested in the Committee.
11. (1) The Financial Secretary may-
(a) on the advice of the Commission; and
(b) if he considers it in the public interest to do so, appoint, by notice in the Gazette, a person to act in place of the Com- mittee for such period, ending not later than the appointed day, as is specified in the notice.
(2) Notwithstanding subsection (1), an appointment under that sub- section may be revoked at any time by the Financial Secretary by notice in the Gazette.
(3) Notwithstanding section 10, a person appointed under sub- section (1)-
(a) shall have and may exercise any of the powers and carry out any of the functions of the Committee under this Ordinance or the constitution of the Exchange Company; and
(b) in the name and on behalf of the Exchange Company may do all acts and execute all deeds, receipts and other documents, and for that purpose may use, when necessary, the Exchange Com- pany's seal.
(4) Upon the appointment of a person under subsection (1) and until such time as his appointment expires or is revoked, whichever is the earlier
(a) the Committee shall be deemed to be suspended; and
(b) the purported exercise of any power or carrying out of any function of the Committee by any member or members of the Committee shall be void.
12. Subject to this Ordinance and to liabilities and privileges of members and Exchange Company shall be governed by the Company.
any other law, the rights, associate members of the constitution of the Exchange
13. (1) Subject to subsections (2), (3) and (4), an individual shall not be qualified to be a member or associate member of the Exchange Com- pany if he
(a) is a director or employee of a bank licensed under the Banking
Ordinance to carry on business in Hong Kong;
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Ord. No. 55/80
A297
(b) is a director or employee of a deposit-taking company registered
under the Deposit-taking Companies Ordinance;
(Cap. 328.)
(c) is a solicitor or a professional accountant (within the meaning
of the Professional Accountants Ordinance) in either case holding (Cap. 50.) a current practising certificate, or is a barrister in actual practice;
(d) is not a dealer registered under Part VI of the Securities (Cap. 333.)
Ordinance;
(e) is not of good character and integrity;
(f) is not a person who was born in Hong Kong or who has been ordinarily resident in Hong Kong for 5 out of the 7 years immediately preceding his application for membership or associate membership of the Exchange Company; or
(g) being an individual who is not otherwise disqualified, fails to
comply with section 15.
(2) Subsection (1) shall apply to the subscribers to the memorandum of the Exchange Company to the extent and in the manner provided by section 24.
(3) Subsection (1)(c) shall not apply to any individual who is, at the date of commencement of this Ordinance, a member or associate member of an existing exchange.
(4) Notwithstanding anything in subsection (1)(f) or in the constitu- tion of the Exchange Company, the Commission may, on application made to it in writing by the Exchange Company, authorize the Exchange Com- pany to admit to membership or associate membership an individual who would otherwise be disqualified under subsection (1)(ƒ), if, in the opinion of the Commission, he is a person of good reputation experienced in dealing in securities.
14. (1) A corporation or a firm shall not be qualified to be a Disqualifica- member of the Exchange Company.
tions from being a corporate
(2) A corporation or a firm shall not be qualified to be an associate member or member of the Exchange Company unless it—
(a) was at all times during the period of 6 months immediately pre- ceding the date of commencement of this Ordinance an associate member of an existing exchange;
(b) carries on a business solely as a dealer or as a dealer and invest-
ment adviser; and
(c) complies with section 15.
member firm.
15. (1) An applicant for membership or associate membership of the Financial status Exchange Company, being an individual, shall, at the time of making his required for application, provide proof to the satisfaction of the transitional committee
or the Committee, as the case may be, and the Commissioner, that his financial position is such as-
(a) would enable him at the time of making such application; and (b) would be likely to enable him, for so long as he remains a
member or associate member,
to comply with the requirements of section 25.
membership.