30
CAP. 24]
Securities and Futures Commission
[1989 Ed.
(3) A person upon whom a notice referred to in section 44 is served by the Commission under Part V may appeal to the Panel.
(4) An appeal under this section against the attachment or amendment of a condition referred to in subsection (1)(d) or (2)(d) shall not affect the coming into force of the condition to which the appeal relates.
20. Hearing of appeals by tribunal
(1) Where a person appeals to the Panel under section 19, the chairman of the Panel shall, as soon as may be, appoint a tribunal consisting of 3 members of the Panel, who shall be the chairman of the Panel or the deputy chairman, together with a member appointed under section 18(2)(b) and a member appointed under section 18(2)(c), to determine the appeal.
(2) The chairman of the Panel or the deputy chairman of the Panel, when a member of a tribunal, shall preside at the hearing of an appeal by the tribunal.
(3) Subject to section 21, the Panel shall regulate the procedure for the hearing of appeals under this Part.
21. Procedure for appeals
(1) Subject to section 20 and this section, the Governor in Council may make rules regulating the procedure and proceedings of a tribunal and providing for the payment of remuneration and allowances to the members of a tribunal.
(2) Until rules are made under subsection (1) the rules made under section 45 of the Securities Ordinance (Cap. 333) and in force immediately before the commencement of this Part shall apply, with the necessary modifications and subject to this section, to appeals to the Panel under this Part and, for that purpose, shall be deemed to have been made under that subsection.
(3) (a) An appeal shall be made to the Panel within 30 days beginning on the day on which written notification of the decision to which the appeal relates is served on the appellant or, in the case of an appeal relating to a notice referred to in section 44, the day on which the notice is served on the appellant.
(b) An appeal under this section shall be heard and determined as soon as reasonably practicable.
(4) Subject to section 44(2), a decision in respect of which an appeal may be made to the Panel other than a decision to impose conditions referred to in section 19(1)(b) or (d) or (2)(a) or (d) shall not come into operation until the time for making the appeal has expired or, where an appeal is made, the appeal is determined or withdrawn.
Page 30
Page 31