56
CAP. 250]
Commodities Trading
[1989 Ed.
(l) prescribing the particulars to be recorded in the profit and loss accounts and balance sheets and the information to be contained in auditor's reports required to be lodged under this Ordinance on the annual accounts of dealers;
(m) providing for the remuneration of an auditor appointed under this Ordinance, and for the costs of an audit carried out under this Ordinance;
(n) prescribing any forms for the purposes of this Ordinance;
(o) prescribing anything which is to be or may be prescribed by regulations.
(2) Where rules are made by the Commission under subsection (1), the Governor in Council may make regulations providing that a contravention of specified provisions of the rules shall be an offence and may provide penalties therefor not exceeding a fine of $2,000 and imprisonment for 3 months. (Replaced 10 of 1989 s. 65)
(3) Except as otherwise provided in this Ordinance, regulations made under this section may be of general or special application and may make different provisions for different cases or classes of case. (Amended 61 of 1985 s. 46)
(Amended 10 of 1989 s. 65)
110. Offence by corporations
(1) Where an offence under this Ordinance committed by a corporation is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, any director or employee of the corporation, or any person who was purporting to act in any such capacity, he, as well as the corporation, shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly.
(2) Subject to subsection (3), for the purposes of this section, a person is deemed to be a director of a corporation if he occupies the position of a director by whatever name he may be called or is a person in accordance with whose directions or instructions the directors of the corporation or any of them act.
(3) A person shall not, by reason only that the directors of a corporation act on advice given by him in a professional capacity, be taken to be a person in accordance with whose directions or instructions those directors act.
111. Liability of corporation operating a clearing house
Where any corporation operates or undertakes the operation of a clearing house, all duties and obligations imposed by this Ordinance upon, and all penalties that apply under this Ordinance to, a clearing house, are imposed upon and apply to the corporation and for this purpose references in this Ordinance to a clearing house shall be deemed to be references to the corporation.
(Amended 61 of 1985 s. 47)