1989 Ed.]
Securities
[CAP. 333
73
(a) all legal and other expenses incurred in investigating or defending claims made under this Part or incurred in relation to the fund or in the exercise by the committee of the Exchange Company or the Commission of the rights, powers, and authorities vested in them by this Part in relation to the fund; (Amended 58 of 1985 s. 69)
(b) the expenses incurred or involved in the administration of the fund;
(c) the amounts of all claims, including costs, allowed by the committee of the Exchange Company or established against the Exchange Company under this Part; and (Replaced 58 of 1985 s. 69)
(d) all other money payable out of the fund in accordance with this Part.
(2) (3) (Repealed 58 of 1985 s. 69)
109. Claims against the fund
(1) Where, in consequence of any act done in the course of or in connection with the stockbroking business of a stockbroker, a person has a cause of action against that stockbroker in relation to any money, securities or other property entrusted to or received by the stockbroker or any partner of the stockbroker or any person employed by the stockbroker, that person shall be entitled, subject to this Part, to claim compensation from the compensation fund in respect of any pecuniary loss suffered by him. (Replaced 58 of 1985 s. 70)
(2) Subsection (1) does not entitle any stockbroker to make a claim against the compensation fund. (Replaced 58 of 1985 s. 70. Amended 10 of 1989 s. 65)
(3) Except as otherwise provided in this Part, the total amount that may be paid under this Part to all persons who suffer loss through any default mentioned in subsection (1) shall not in any event exceed $2,000,000 in respect of each stockbroker concerned in or connected with the default; but for the purposes of this subsection any amount paid from the compensation fund shall, to the extent that the fund is subsequently reimbursed in respect of any such payment (not being a deposit made under section 107), be disregarded. (Amended L.N. 101 of 1980; 58 of 1985 s. 70)
(4) A person shall not have a claim against the compensation fund in respect of a default committed before the appointed day. (Amended 58 of 1985 s. 70)
(5) Subject to this Part, the amount which any claimant is entitled to claim as compensation from the compensation fund is the amount of the actual pecuniary loss suffered by him, including the reasonable costs of and incidental to the making and proving of his claim. (Replaced 58 of 1985 s. 70. Amended L.N. 294 of 1988)