18
CAP. 250]
Commodities Trading
[1989 Ed.
(b) in the case of an applicant who is a director or employee of a corporation, or a partner or employee of a firm, and who is accredited to the corporation or firm, as the case may be, as a dealer—
(i) the corporation or firm is a shareholder of the Exchange Company or member of any exchange specified in Schedule 2, or the corporation is wholly owned by such a member; and
(ii) the corporation or firm has paid to the Commission a deposit of $100,000 in cash on the registration of the corporation or firm as a dealer;
(c) in the case of an applicant that is a corporation or firm—
(i) the corporation or firm is a shareholder of the Exchange Company or member of any exchange specified in Schedule 2, or the corporation is wholly owned by such a member; and
(ii) the corporation or firm has paid to the Commission a deposit of $100,000 in cash.
(2) The following applicants shall not be required to pay the deposit under subsection (1)—
(a) an applicant that is a corporation, if any director or employee accredited to the corporation as a dealer has paid such deposit;
(b) an applicant that is a firm, if any partner or employee accredited to the firm as a dealer has paid such deposit;
(c) an applicant who is a shareholder, if the Exchange Company has made in respect of the shareholder a deposit to the compensation fund under Part VIII;
(d) an applicant who is accredited to a shareholder as a dealer, if the Exchange Company has made in respect of the shareholder a deposit to the compensation fund under Part VIII.
32. Refusal of registration
(Amended 10 of 1989 s. 65)
(1) The Commission may refuse to register an applicant under section 30—
(a) in the case of an applicant who is an individual, on the grounds that—
(i) the applicant has not provided the Commission with such information relating to him or any person employed by or associated with him for the purposes of his business, and to any circumstances likely to affect his method of conducting business, as may be prescribed by or under this Ordinance;
(ii) the applicant is an undischarged bankrupt or has committed an act of bankruptcy within the meaning of section 3 of the Bankruptcy Ordinance (Cap. 6) or has made a composition or arrangement with his creditors;