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CAP. 333]
Securities
[1989 Ed.
(6) In addition to any compensation payable under this Part, interest shall be payable out of the compensation fund on the amount of the compensation, less any amount attributable to costs and disbursements, at such rate as may be determined by the Commission from time to time, which shall be calculated from the day on which the default was committed and continue until the day on which the claim is satisfied.
110.
(7) For the purposes of this section--
(a) “stockbroker” includes a person who has been, but, at the time of any default mentioned in subsection (1), had ceased to be, a member of the Exchange Company if, at the time when the claimant entered into the transaction or course of dealing giving rise to the claim, the claimant had reasonable grounds for believing that person to be a member of the Exchange Company; (Amended 58 of 1985 s. 70)
(b) (c) (Repealed 58 of 1985 s. 70)
Powers of Commission to increase payments made in respect of claims
(1) If, after consultation with the committee of the Exchange Company and after taking into account all ascertained or contingent liabilities of the compensation fund, the Commission considers that the assets of the fund so permit, it may by notice published in the Gazette increase the total amount which may be claimed from the fund under section 109; and from the date of that publication, until the notice is revoked or varied, the amount specified in the notice shall be the maximum amount that may be claimed under that section. (Amended L.N. 92 of 1980; 58 of 1985 s. 71)
(2) A notice under subsection (1) may be varied or revoked by the Commission by notice published in the Gazette.
111. Rights of innocent partner, etc. in relation to the fund
(1) Notwithstanding anything to the contrary under this Part, where all persons submitting claims under section 109 have been fully compensated in accordance with the provisions of this Part for the loss sustained by them as a result of the failure of a partner in a dealing partnership or a director of a stockbroker which is a corporation to perform a legal obligation, any other partner of that partnership who has made payment to any person in compensation for loss sustained by him as a result of that failure or, where a stockbroker which is a corporation or a dealing director of such a stockbroker has made such a payment, that stockbroker, or dealing director, shall be subrogated to the extent of the payment to all the rights and remedies against the compensation fund if the Exchange Company considers, having regard to all the circumstances, that he-
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1989 Ed.]