18
CAP. 24]
Securities and Futures Commission
[1989 Ed.
(10) If the office of chairman of the Commission is vacant or the chairman of the Commission is unable to act as chairman due to illness or other incapacity or is absent from Hong Kong, the deputy chairman or an executive director designated under subsection (4) shall act as chairman in his place.
(11) At a meeting of the Commission-
(a) the chairman shall be chairman of the meeting; or
(b) if the chairman is not present, the deputy chairman shall be chairman of the meeting; or
(c) if neither the chairman nor the deputy chairman is present, the directors present shall choose one of their number to be chairman of the meeting.
(12) The quorum for a meeting of the Commission shall be 4 directors, of whom 2 shall be executive directors and 2 shall be non-executive directors.
(13) Each director of the Commission present at a meeting thereof shall have a vote.
(14) (a) Every question for decision at a meeting of the Commission shall be determined by a majority of votes of the directors present and, in the event that voting is equally divided, subject to paragraph (b), the chairman of the meeting shall have a casting vote.
(b) The chairman of a meeting shall not exercise a casting vote until after he has consulted the Financial Secretary as regards that exercise.
(15) The Commission may act notwithstanding a vacancy among its directors.
(16) The Commission shall organize and regulate its administration, procedure, and business.
6. Commission may establish committees
(1) The Commission may establish standing or special committees and may refer or assign to any such committee any matter for consideration, inquiry, or management by the committee.
(2) The Commission may appoint any person to be a member of any committee established under this section, whether that person is a director of the Commission or not.
(3) Any reference or assignment under subsection (1) and every appointment under subsection (2) may be withdrawn or revoked by the Commission at any time, and no such reference or assignment shall prevent the performance by the Commission of any of its functions.
(4) A committee established under this section may elect any of its members to be chairman and may regulate its own procedure and business; and in the exercise of its powers under this subsection, such committee shall be subject to and act in accordance with any direction given to the committee by the Commission for the purposes of this subsection.