CAP. 250]
Commodities Trading
[1989 Ed.
(a) ceases to comply with any requirement specified in subsection (3) of that section:
(aa) fails to pay the contract levy in accordance with rules made under section 79A(2); (Added 61 of 1985 s. 8)
(b) ceases to operate the Commodity Exchange; or
(c) is being wound up.
(2) The Commission shall give to the Exchange Company not less than 14 days' notice in writing of its intention to revoke the licence under subsection (1) and the notice shall specify the grounds for revocation.
19. Closure of the Commodity Exchange for non-compliance with section 13(3)
(1) Where the Exchange Company ceases to comply with any requirement specified in section 13(3), the Commission may, instead of revoking the licence under section 18 direct the Exchange Company that the Commodity Exchange be closed forthwith for the transaction of any trading in commodity futures contracts specified in the direction until such time as the Exchange Company has, to the satisfaction of the Commission, complied with such requirement.
(2) The Commission shall give to the Exchange Company not less than 14 days' notice in writing of its intention to direct the closure of the Commodity Exchange under subsection (1) and the notice shall specify the grounds for closure.
20. (Repealed 10 of 1989 s. 65)
21. Closure of the Commodity Exchange in an emergency
(1) The Commission, after consultation with the Exchange Company, may direct the Exchange Company that the Commodity Exchange be closed for a period not exceeding 5 bank working days for the transaction of any trading in commodity futures contracts specified in the direction if the Commission is of the opinion that the orderly transaction of such trading is being or is likely to be prevented because
(a) an emergency or natural disaster has occurred in Hong Kong; or
(b) there exists an economic or financial crisis or any other circumstance, whether in Hong Kong or elsewhere.
(2) The Commission may extend the closure of the Commodity Exchange under subsection (1) for further periods not exceeding 5 bank working days.
(3) The Commission shall specify the grounds for closure in the direction given under subsection (1) and the grounds for any extension of the closure under subsection (2).
(Amended 10 of 1989 s. 65)