(b) ensure that where the interests referred to in
paragraph (a) conflict with any other interests
that it is required to serve under any other
law, the former shall prevail.
(3) Without prejudice to the generality of section 56(1)
of the Securities and Futures Commission Ordinance (Cap. 24),
no liability shall be incurred by the Exchange Company or any
person acting on behalf of the Exchange Company, in respect of
anything done in good faith in the performance or purported
performance of the duty referred to in subsection (1).",
Explanatory Memorandum
The purpose of this Bill is to modify certain provisions in the
Companies Ordinance (Cap. 32) in their application to the Exchange
Company that operates the Stock Exchange and to impose a statutory
obligation on the Exchange Company to ensure a fair and orderly
stock market and to act in the interests of the public.
2. Clause 2 amends section 10 of the Stock Exchanges Unification
Ordinance to provide that a member can appoint as a proxy only a
director, partner or employee registered under Part VI of the
Securities Ordinance (Cap. 333) to vote on its or his behalf and
that in the case of a member who is an individual such a proxy can
be appointed only where he is unable to attend due to any reason
specified in the Ordinance and, if so required by the Exchange
Company, he makes a statutory declaration showing the reasons he is
unable to attend.
3.
Clause 3 adds a new section 27A which