44
CAP. 250]
Commodities Trading
[1989 Ed.
84. Effect of persons ceasing to be shareholders
(1) Subject to subsection (2), where the Exchange Company has made a deposit under section 82 or section 85 in respect of a shareholder and the shareholder ceases to be a shareholder, the Commission shall, within 6 months after the date on which the shareholder ceased to be a shareholder, refund to the Exchange Company the deposit so made or such part thereof as the Commission may determine after taking into account all ascertained and contingent liabilities of the compensation fund, and any undertaking given under section 82(1)(b) in respect of that shareholder shall be treated as discharged.
(2) Where a person ceases to be a shareholder consequent on a default by him which results in a payment out of the compensation fund, the amount of such payment shall be set against the amount of the deposit which would otherwise be refunded to the Exchange Company under subsection (1).
(3) Where a person who has ceased to be a shareholder again becomes a shareholder, sections 82, 85 and 87(3) shall apply in respect of him as if he were a new shareholder.
(Replaced 61 of 1985 s. 35)
85. Replenishment of compensation fund in certain cases
(1) If required to do so by the Commission, the Exchange Company shall, in addition to making the deposit under section 82(1)(a) in respect of each shareholder, from time to time deposit with the Commission a further amount or amounts up to a total of $50,000 in respect of each person who is a shareholder at the time of such requirement and upon any such payment being made, the undertaking given under section 82(1)(b) in respect of each such shareholder shall be treated as varied or discharged accordingly. (Replaced 61 of 1985 s. 36)
(2) The maximum liability of the Exchange Company to the compensation fund shall not in any event exceed $100,000 in respect of each shareholder. (Amended 61 of 1985 s. 36)
(3) (Repealed 61 of 1985 s. 36)
(4) Any amount due from the Exchange Company under this section may be sued for and recovered by the Commission as a debt in a court.
86. Payment out of the compensation fund
Subject to this Part, there shall be paid out of the compensation fund as required and in such order as the Commission may determine one or more of the following amounts (Amended 10 of 1989 s. 65)
(a) all legal and other expenses incurred in investigating or defending claims made under this Part or incurred in relation to the compensation fund or in the exercise by the Exchange Company or the Commission of the rights, powers and authority vested in it by this Part in relation to the compensation fund;
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