1989 Ed.]
Commodities Trading
[CAP. 250
41
(3) The Commission shall nominate one of the members of the Committee, who is also a director of the Commission, to be the chairman of the Committee.
(4) The Committee shall exercise on behalf of the Commission such of the powers, duties and functions of the Commission under this Part as may be delegated to the Committee by the Commission.
(5) Subject to any direction of the Commission, the Committee may regulate its procedure in such manner as it thinks fit.
(Amended 10 of 1989 s. 65)
79. Money constituting the compensation fund
(1) The compensation fund shall consist of—
(a) all amounts paid to or deposited with the Commission by the Exchange Company in accordance with the provisions of this Part;
(b) all amounts recovered by or on behalf of the Commission by the exercise of any right of action conferred by this Part;
(c) all amounts borrowed under subsection (2);
(ca) any return or profit received on an investment made under section 83(1) and not paid to the Exchange Company under section 83(2)(b); (Added 61 of 1985 s. 29)
(cb) moneys paid by the Exchange Company to the Commission in respect of the contract levy; (Added 61 of 1985 s. 29)
(d) all other amounts lawfully paid into the compensation fund.
(2) Subject to the approval of the Committee in respect of the rate of interest payable on any particular loan, the Commission may for the purpose of the compensation fund borrow from any licensed bank or deposit-taking company and may charge any investments acquired under section 83 by way of security for any such loan; but the aggregate sum owing at any one time in respect of such loans shall not exceed $2,000,000.
(Amended 61 of 1985 s. 29)
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79A. Contract levy
(1) The Exchange Company shall, in respect of each shareholder, pay to the Commission for purposes of the compensation fund a levy at the prescribed rate on every leviable transaction.
(2) The Commission may, after consultation with the Exchange Company, make rules prescribing in respect of the contract levy—
(a) the rate at which it is to be paid by the Exchange Company, which may be expressed as a flat rate for each leviable transaction or as a percentage of the value of each leviable transaction and which may be a nil rate;