1989 Ed.]
Securities
[CAP. 333
69
"stockbroking business" means—
(a) a business of dealing in securities listed or quoted on the Unified Exchange carried on by a member of the Exchange Company;
(b) the administration of any trust, or the carrying on of the business of any company, in conjunction with, or as an adjunct to, a business specified in paragraph (a);
(c) the retention of securities whether for safe keeping or otherwise, and whether for specific consideration or otherwise, in conjunction with, or as an adjunct to, a business specified in paragraph (a).
(Replaced 58 of 1985 s. 61)
(2) A reference in this Part to a claimant or person making a claim includes, in the event of his death, insolvency, or other disability, a reference to his personal representative or any other person having authority to administer his estate.
99. Establishment of compensation fund
The Commission shall establish and maintain a compensation fund, to be known as the Unified Exchange Compensation Fund, for the purposes set out in this Part.
(Amended 58 of 1985 s. 62)
100. Securities Compensation Fund Committee
(1) There shall be a committee, to be known as the Securities Compensation Fund Committee, which shall be responsible, subject to this section, for the administration of the compensation fund.
(2) The Committee shall consist of 5 persons appointed by the Commission, of whom at least two shall be directors of the Commission and two shall be persons nominated by the Exchange Company.
(Amended 58 of 1985 s. 63)
(3) The Commission shall nominate one of the members of the Committee who is also a director of the Commission to be chairman of the Committee.
(4) The Committee shall exercise on behalf of the Commission such of the powers, duties, and functions of the Commission under this Part as may from time to time be delegated to the Committee by the Commission; but the Commission may not delegate its power of delegation under this section or its powers under section 110.
(5) Any power, duty, or function delegated under this section may be exercised by members forming a majority of the Committee as if by this Part that power, duty, or function had been conferred on a majority of the members of the Committee.
Page 70
Page 71
70
CAP. 333]