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Ord. No. 55/80
Part V of the
Companies
Ordinance to
apply.
(Cap. 32.)
Rules of the Unified Exchange. (Cap. 333.)
Commission
to approve
proposed
rules and
amendments to constitution,
etc.
Withdrawal of
recognition of the Exchange
Company.
(Cap. 333.)
STOCK EXCHANGES UNIFICATION
33. The provisions of Part V of the Companies Ordinance shall apply to a winding up under this Part to the extent that they are not inconsistent with this Part.
PART V
MISCELLANEOUS
34. (1) The Exchange Company may, subject to this Ordinance and to the Securities Ordinance, make rules-
(a) prescribing listing requirements for the quotation of securities on
the Unified Exchange; and
(b) in respect of such other matters as are necessary or desirable for the proper and efficient operation and management of the Unified Exchange.
(2) The Commission may in writing direct the Exchange Company to make or amend any rules referred to in subsection (1), if, after requesting the Exchange Company to make or amend such rules, the Commission is satisfied that such request has not been complied with.
35. (1) No-
(a) rules under section 34, or any amendment thereto; or (b) amendment to the constitution of the Exchange Company, shall have effect unless approved in writing by the Commission.
(2) Where it is proposed to make
(a) any rules under section 34, or any amendment thereto; or (b) any amendment to the constitution of the Exchange Company,
the Committee shall forward written notice thereof, together with a copy of such proposed rules or amendment, as the case may be, to the Com- mission for its approval.
(3) The Commission may, within 6 weeks after receipt of a notice under subsection (1), give notice to the Committee that it disallows the whole or any specified part of any such rules or of any amendment thereto, or of any amendment to the constitution; otherwise it shall, in writing, notify the Committee of its approval.
36. (1) Subject to subsection (2), the Commission may, by notice in the Gazette, withdraw its recognition given under section 3 if the Exchange Company-
(a) ceases to comply with any requirement specified in subsection (3)
of that section;
(b) fails or ceases to comply with section 28(2), or 29(1) or (2); (c) fails to comply with a direction under section 25(4) or 34(2); (d) fails to make any deposit or payment into any compensation fund established under Part X of the Securities Ordinance in respect of the Unified Exchange; or
(e) is being wound up or ceases to operate the Unified Exchange. (2) The Commission shall give to the Exchange Company not less than 14 days' notice in writing of its intention to withdraw its recognition under subsection (1) and the notice shall specify the grounds therefor.
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Ord. No. 55/80
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(3) Any withdrawal of recognition by the Commission under this section shall take effect immediately, notwithstanding that an appeal has been made or may be made under section 37.
(4) Nothing in this section shall derogate from any power given to the Commission or to the Commissioner under the Securities Ordinance in (Cap. 333.) respect of the closure of the Unified Exchange.
37. (1) Where the Commission withdraws its recognition under sec- Appeal against tion 36, the Exchange Company may, within 14 days after the publication withdrawal of
recognition. in the Gazette of the notice of withdrawal, appeal to the Governor in Council against the withdrawal.
(2) After considering any appeal under subsection (1), the Governor in Council may confirm, reverse or vary the decision of the Commission; and the decision of the Governor in Council shall be final.
38. (1) The Commission may establish standing or special com- Delegations to mittees for the purposes of this Ordinance.
(2) The Commission may delegate any of its powers, functions and duties (other than the powers conferred by this section) to-
(a) any committee established under subsection (1); or (b) the Commissioner.
(3) The Commission may appoint as a member of any committee established under subsection (1) any person who, in its opinion, appears to be qualified to be a member of the committee, whether that person a member of the Commission or not.
is
(4) A delegation under subsection (2) and an appointment under subsection (3) may be revoked by the Commission at any time, and no such delegation shall prevent the exercise or performance of any power, function or duty by the Commission.
(5) A committee established under subsection (1) may elect any of its members to be chairman and may, subject to any direction of the Commission, regulate its procedure in such manner as it thinks fit.
(6) Where any committee established under subsection (1) purports to act pursuant to any delegation made under subsection (2), it shall be presumed, until the contrary is proved, to be acting in accordance with the terms of the delegation.
committees,
etc.
39. Without prejudice to the provisions of any other enactment Commissioner relating to the prosecution of criminal offences, and without prejudice to may prosecute. the powers of the Attorney General in relation to the prosecution of such offences, the Commissioner may institute proceedings in respect of any offence against this Ordinance.
of time.
40. (1) The Governor in Council may by order extend the period Extensions prescribed under section 17(1), 18(1) or 27(2).
(2) The Financial Secretary may, on the advice of the Commission and either generally or in a particular case, extend the time prescribed or allowed for the doing of any act or thing under section 9, 19(1) or (3), 20(1), 23(1), 24(1), 26(2), 28(2), 30 or 35(3).
41. (1) The Governor in Council may, after consultation with the Regulations. Commission, make regulations for the better carrying out of the purposes and provisions of this Ordinance.
(2) Regulations made under this section may provide that a con- travention of any provision thereof shall be an offence, and may provide penalties therefor not exceeding a fine of $20,000 and imprisonment for 3 months.