1989 Ed.]
Commodities Trading
[CAP. 250
21
such corporation or firm under section 31 to the liquidator of the corporation or firm; or (c) the Commission has reason to believe that any person has sustained pecuniary loss because of a default committed in the course of or in connection with the commodity futures trading business of a dealer, by the dealer or any director, partner or employee, as the case may be, accredited to the dealer, the Commission may forfeit all or any part of the deposit paid by or in respect of the dealer under section 31.
(2) Where a deposit is transferred to a trustee in bankruptcy under subsection (1)(a), or liquidator under subsection (1)(b), such deposit shall be applied by the trustee or liquidator, as the case may be, in accordance with regulations made under this Ordinance for the purposes of this subsection.
(3) In the event of a deposit or any part of a deposit being forfeited under subsection (1)(c), the deposit or part thereof so forfeited shall be applied by the Commission in accordance with regulations made under this Ordinance for the purposes of this subsection.
(4) Where any deposit is transferred or forfeited under subsection (1), the Commission shall notify in writing the person who paid the deposit of such transfer or forfeiture.
(5) Except as provided in this section or under regulations made under this Ordinance, no person may withdraw or transfer any deposit paid under section 31.
(6) The Commission shall open one or more accounts at a licensed bank into which it shall pay all deposits paid under section 31, and shall then ascertain what proportion of such deposits ought, in its opinion, to be retained in the account or accounts to enable liabilities under subsection (1), or such other liabilities as may be prescribed by regulations, to be satisfied.
(7) After ascertaining the amount of a deposit required to be retained under subsection (6), the Commission shall cause the balance of the deposit to be invested in such manner as it thinks fit.
(8) Where the Commission has invested the balance of the deposit under subsection (7), it shall, as soon as practicable after the end of each financial year, by notice in the Gazette,
(a) declare a rate of interest to be paid for that financial year in respect of each deposit paid under section 31;
(b) specify the manner and time of payment of that interest; and
(c) specify an amount to be charged for management expenses incurred by the Commission in administering the deposit under this Ordinance.
(9) As soon as practicable after the publication of a notice under subsection (8), the Commission shall, after deducting an appropriate amount chargeable in respect of management expenses, pay to each person who has