1989 Ed.]
Commodities Trading
[CAP. 250
7
(b) any breach of trust, defalcation, fraud or misfeasance committed by the dealer or shareholder or by any director, partner or employee, as the case may be, of the dealer or shareholder in respect of any money, futures contract or other property of a person who is a client of the dealer or shareholder;
"director" includes any person occupying the position of director by whatever name called;
"Exchange Company" means the company licensed under section 13(1) to establish and operate the Commodity Exchange;
"financial year", in relation to any person, fund or account, means a period not longer than 12 consecutive months which is adopted by or in respect of that person, fund or account as the financial year for accounting purposes;
"firm" means an unincorporate body of 2 or more persons-
(a) who have entered into partnership with one another within the meaning of section 2 of the Partnership Ordinance (Cap. 38); or
(b) who have formed a limited partnership under the Limited Partnerships Ordinance (Cap. 37) and registered it as such under that Ordinance,
and a reference to a partnership shall be construed as a reference to such a partnership or limited partnership;
"futures contract" means either-
(a) a contract executed on a commodity exchange the effect of which is-
(i) that one party agrees to deliver to the other party at an agreed future time an agreed commodity or quantity of a commodity, at an agreed price; or
(ii) that the parties will make an adjustment between them at an agreed future time according to whether an agreed commodity is worth more or less or, as the case may be, stands higher or lower at that time than a level agreed at the time of making of the contract, the difference being determined in accordance with the rules of the commodity market in which the contract is made; or
(b) an option on a contract of the kind described in paragraph (a)(i) or (ii); (Replaced 61 of 1985 s. 2)
"guarantee corporation" means a corporation whose business includes the provision of guarantee in respect of the fulfilment of futures contracts and which is used by the Exchange Company in accordance with section 13(3); (Replaced 61 of 1985 s. 2)
"legal obligation" includes an obligation arising under a contract, quasi-contract or trust (including a constructive trust);
"licensed bank" means a bank licensed under the Banking Ordinance (Cap. 155) to carry on banking business in Hong Kong;