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Ord. No. 55/80
(Cap. 333.)
(Cap. 333.)
(Cap. 333.)
1.
STOCK EXCHANGES UNIFICATION
SECOND SCHEDULE
TRANSITIONAL ARRANGEMENTS
For the purposes of this Schedule-
[s. 43(3).]
(a) any term or expression not defined in this Ordinance shall have the same meaning as it had, immediately prior to the appointed day, in the Securities Ordinance; and
(b) a reference to any provision in the Securities Ordinance shall be a reference to that provision in force immediately prior to the appointed day.
2. (1) All property of whatever kind and whether movable or immovable vested in or belonging to the Hong Kong Federation of Stock Exchanges immediately prior to the appointed day is as from such date transferred to and vested in the same interest in the Exchange Company without any further assurance; and the Exchange Company shall have all powers necessary to take possession of, recover and obtain the benefit of such property.
(2) Subject to paragraph 4, all obligations and liabilities of the Federation immediately prior to the appointed day are from such date the obligations and liabilities of the Exchange Company; and the Exchange Company may be sued in respect of and shall have all necessary powers to discharge the same.
3. The Securities Commission Disciplinary Committee as constituted immediately prior to the appointed day shall continue in existence for the purposes of completing any inquiry under section 39 of the Securities Ordinance, or hearing any appeal under section 58 of that Ordinance, commenced prior to that date but not at that date completed or disposed of, and for the purposes of this paragraph-
(a) any such inquiry or appeal may be continued and completed or
disposed of; and
(b) any order or decision of the Disciplinary Committee so con- stituted may be made or given and shall have the same force and effect,
as if section 43 of this Ordinance had not been enacted.
4. (1) The provisions of Part X of the Securities Ordinance in force immediately prior to the appointed day, other than sections 112 and 121 shall, subject to this paragraph, continue to apply for the purposes of this paragraph as if references therein to the Federation and to the Council of the Federation were references, in either case, to the Commissioner, and in particular and without prejudice to the generality of the foregoing-
(a) the Stock Exchanges Compensation Fund established and main- tained under section 99 of the Securities Ordinance shall continue in existence and shall be maintained by the Commission until such time as it is paid out under this paragraph; and
(b) the Securities Commission Compensation Fund Committee established by section 100 of the Securities Ordinance shall continue in existence for the purposes of that section with such members as were immediately prior to the appointed day appointed thereto or as are appointed from time to time thereafter under that section.
(2) Except as provided in this paragraph, no claim may be made for compensation from the compensation fund.
STOCK EXCHANGES UNIFICATION
Ord. No. 55/80
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(3) Where in respect of a default occuring prior to the appointed day a person has claimed compensation from the compensation fund but the claim has not at that date been disposed of, such claim may be continued and disposed of under this paragraph.
(4) The Commissioner shall, as soon as practicable after the appointed day, cause to be published in one or more English language newspapers and one or more Chinese language newspapers, published daily and circulat- ing generally in Hong Kong, a notice specifying a date, not being earlier than 6 months after publication of the notice, on or before which a claim for compensation from the compensation fund may be made by any person.
(5) Where, in respect of a default occurring prior to the appointed day, a person wishes to claim compensation from the compensation fund, he shall lodge his claim in writing with the Commissioner-
(a) if a notice under sub-paragraph (4) has been published, on or
before the date specified in the notice; or
(b) if no such notice has been published, within 6 months after the
claimant became aware of the default giving rise to the claim. (6) Any claim that is not made within the time limited by sub- paragraph (5) shall, unless the Commissioner otherwise determines, be barred.
(7) In the event of an existing exchange being wound up (whether pursuant to Part IV of this Ordinance or otherwise), the Commission shall, after-
(a) all claims made or continued under this paragraph have been
disposed of; and
(b) all outstanding liabilities against the compensation fund have been
satisfied,
pay to the liquidator of the existing exchange the whole or any part remaining of the amounts contributed by the existing exchange under Part X of the Securities Ordinance, together with any income accured in (Cap. 333.) respect thereof; and on any such payment being made those amounts shall form part of the assets of the existing exchange and shall be available to the liquidator for distribution in accordance with the Companies Ordinance. (Cap. 32.)
Passed by the Hong Kong Legislative Council this 6th day of August 1980.
LORNA LEUNG,
Clerk to the Legislative Council.
This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.
LORNA LEUNG,
Clerk to the Legislative Council.