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Ord. No. 55/80
Acceptance
or rejection
of invited applicants.
Commissioner
to assist transitional committee.
Late and uninvited applications.
Appeal to Commission
where applicant rejected.
STOCK EXCHANGES UNIFICATION
(b) by the trustee in bankruptcy of a bankrupt member, the transitional committee shall cause an invitation under subsection (1) to be sent to the personal representative or trustee, as the case may be.
(3) The transitional committee shall, at the time of inviting applications under this section, specify a date, which shall be not less than 1 month nor more than 3 months after the date on which the transitional committee invites such applications, as the last date by which applications shall be delivered to the transitional committee.
(4) Any application under this section received after the date specified under subsection (3) may be accepted only with the approval of both the transitional committee and the Commission.
20. (1) Within 3 months after the date on which an application for membership or associate membership is received in accordance with section 19, the transitional committee shall examine the application and shall-
(a) accept the applicant for membership or associate membership as
the case may be; or
(b) reject the applicant,
and shall notify the applicant of such acceptance or rejection accordingly. (2) Subject to the right of appeal under section 23, the decision of the transitional committee under subsection (1) shall be final.
21. The Commissioner may, for the purposes of sections 19 and 20— (a) provide such administrative assistance and support to the transi-
tional committee as he thinks fit; and
(b) in consultation with the transitional committee, carry out the processing of applications received by the transitional committee.
22. An application for membership or associate membership of the Exchange Company-
(a) being an application other than an application pursuant to an
invitation under section 19; or
(b) being an application pursuant to an invitation under section 19
which-
(i) is received after the date specified under section 19(3); and (ii) is not accepted under section 19(4),
shall, subject to this Ordinance, be treated as an application pursuant to the articles of association.
23. (1) Where an applicant for membership or associate membership is rejected by the transitional committee under section 20 or by the Com- mittee pursuant to section 22, the applicant may, within 1 month after service upon the applicant of the notice of rejection, by notice in writing appeal against such rejection to the Commission.
(2) The Commission may after considering any representations made by or on behalf of the applicant and any reasons given or representations made by or on behalf of the transitional committee or the Committee-
(a) confirm the rejection of the applicant; or
(b) direct the transitional committee or the Committee to accept the applicant for membership or associate membership, as the case may be.
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(3) The decision of the Commission under subsection (2) shall be final.
24. (1) Within 6 months after the date of commencement of this Provisions Ordinance, each subscriber to the memorandum of the Exchange Company applicable to shall provide proof to the satisfaction of the Commission that he-
(a) was, on the date upon which he subscribed to the memorandum,
a member or associate member of an existing exchange;
(b) is not disqualified under section 13 from being a member or
associate member of the Exchange Company; and
(c) has deposited with the Exchange Company the sum specified under section 16(1)(a) or (b) in respect of his membership or associate membership, as the case may be.
(2) For the purposes of section 13(1)(g) in its application to a sub- scriber under subsection (1)(b), section 15 shall apply to such subscriber- (a) as if he were, for the purposes of subsection (1), making an application for membership or associate membership of the Exchange Company; and
(b) as if for the reference in section 15(1) to the transitional com- mittee or the Committee and to the Commissioner there were substituted a reference to the Commission.
(3) The Commission shall, in writing, notify each subscriber either- (a) that it is satisfied that he complies with the requirements specified
in subsection (1); or
(b) that it is not so satisfied,
and the decision of the Commission under this subsection in respect of any subscriber shall be final.
subscribers to the memorandum.
(4) Where the Commission notifies a subscriber in accordance with subsection (3)(b), the subscriber shall, with effect from the date of service upon him of such notification, cease to be a member or associate member of the Exchange Company, as the case may be, and, notwithstanding anything in the Companies Ordinance or in the constitution of the (Cap. 32.) Exchange Company, his shareholding in the Exchange Company shall, for the purposes of this subsection, be deemed never to have been issued. (5) The Exchange Company shall, in respect of any subscriber to whom subsection (4) applies-
(a) refund to such subscriber any sum deposited by him under sec- tion 16(1)(a) or (b) or pursuant to the articles of association in payment of his shareholding; and
(b) take such steps (including any amendment of its records) as are
necessary to give effect to such subsection.
25. (1) A member or associate member of the Exchange Company, Capital being an individual, shall provide and at all times maintain in his stock- requirement. broking business a net capital of not less than $1,000,000 in respect of each membership or associate membership held by him.
(2) An associate member of the Exchange Company, being a corpora- tion or a firm, shall provide and at all times maintain in its stockbroking business a net capital of not less than $1,000,000 in respect of each associate membership held by it.
(3) The Legislative Council may, by resolution, vary the amounts specified in subsections (1) and (2).