Securities
[1989 Ed.
(b) the dealer, being a corporation, is ordered to be wound up by or under the supervision of the Court, the Commission shall pay the deposit to the liquidator of the corporation; or
(c) the certificate of registration of the dealer is revoked, or the dealer or any servant of the dealer, or where the dealer is a partnership or a corporation any member of the partnership or director or officer of the corporation, is convicted of an offence necessarily involving a finding that he or it was guilty of a breach of trust, defalcation, fraud, or misfeasance in respect of any money or securities of a person who is a client of the dealer, the Commission may direct that all or any part of the deposit be forfeited.
(3) In the event of the deposit or any part of the deposit being paid to the dealer's trustee in bankruptcy or liquidator under subsection (2)(a) or (b), the amount paid shall be applied by the trustee or liquidator, as the case may be, in accordance with regulations made under this Ordinance for the purposes of this subsection.
(4) In the event of the deposit or any part of the deposit being forfeited under subsection (2)(c), the amount forfeited shall be applied by the Commission subject to and in accordance with regulations made under this Ordinance for the purposes of this subsection.
(5) Except as provided in this section or under regulations made under this Ordinance, no person may withdraw or transfer any deposit made under this section. (Amended 62 of 1976 s. 13)
(6) The following persons are exempt from being required to deposit the amount required under this section-
(a) a member of the Exchange Company;
(b) a dealing director of a corporation which is a member of the Exchange Company unless he is also a dealing director of another corporation which is a registered dealer and which is not a member of the Exchange Company;
(c) a corporation which is not a member of the Exchange Company, each of whose dealing directors has deposited the amount so required; and
(d) any other dealer who belongs to a class of dealers exempted from the provisions of this section by regulations. (Replaced 58 of 1985 s. 48)
(7) The Commission shall open one or more accounts at a licensed bank into which he shall pay all sums received from dealers by way of deposit under this section, and shall then ascertain what proportion of those sums ought, in his opinion, to be retained in the accounts to enable liabilities under subsection (2), or such other liabilities as may be prescribed by regulations, to be satisfied.