Securities
[CAP. 333
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(a) was in no way a party to the default which resulted in the failure
to perform that obligation; and
(b) acted honestly and reasonably in the matter. (Replaced 58 of
1985 s. 72)
(2) If any partner of the dealing partnership, or any stockbroker which is a corporation, or any director of such a corporation, is aggrieved by the decision of the Exchange Company under subsection (1), he or it may, within 28 days after receipt of notice of the decision, appeal to the Commission against the decision. (Amended 58 of 1985 s. 72)
(3) An appellant shall, on the same day as lodging a notice of appeal with the Commission, lodge a copy of the notice with the Exchange Company. (Amended 58 of 1985 s. 72)
(4) The Commission shall inquire into and decide on the appeal and, if the Commission considers having regard to all the circumstances that the appellant-
(a) was in no way a party to the default in question; and (b) acted honestly and reasonably in the matter,
it may direct that the appellant shall, to the extent of any payment made by him, be subrogated to all the rights and remedies in relation to the compensation fund of the person to whom he or it has made payment in compensation.
112. Notice calling for claims against the fund
(1) The committee of the Exchange Company may cause to be published in one or more English language newspapers and one or more Chinese language newspapers, published daily and circulating generally in Hong Kong, a notice specifying a date, not being earlier than 3 months after publication of the notice, on or before which claims for compensation from the compensation fund may be made in relation to the person specified in the notice.
(2) Where any person wishes to claim compensation under this part, he shall lodge his claim in writing with the committee of the Exchange Company-
(a) if a notice under subsection (1) has been published, on or before the date specified in the notice; or
(b) if no such notice has been published, within 6 months after the claimant became aware of the default giving rise to the claim.
(3) Any claim which is not made within the time limited by subsection (2) shall, unless the committee of the Exchange Company otherwise determines, be barred.
(4) An action for damages shall not lie against the Exchange Company or against the committee or any member thereof, or any employee of the Exchange Company by reason of any notice published for the purposes of this section in good faith and without malice. (Replaced 58 of 1985 s. 73)
(Amended 58 of 1985 s. 73)