76
CAP. 333]
Securities
[1989 Ed.
113. Power of the committee of the Exchange Company in respect of claims
(1) Where the committee of the Exchange Company is satisfied that a claim made under section 109 is a proper claim, it shall, subject to this Part, make a determination allowing the claim.
(2) If the committee is not satisfied as to the propriety of a claim under section 109, it shall make a determination disallowing the claim or, if it is satisfied only as to the propriety of part of such a claim, it shall make a determination allowing the claim as to that part.
(3) Where the committee of the Exchange Company makes a determination under subsection (1) or (2), it shall forthwith serve notice of its determination in writing on the claimant or on his solicitor and deliver a copy of the notice to the Commission.
(4) If the committee of the Exchange Company disallows or only partially allows a claim against the compensation fund, the determination of the committee shall specify the reasons for the disallowance or, as the case may be, partial allowance.
(5) If, in the case of any particular claim, after taking into account all ascertained and contingent liabilities of the compensation fund, the committee of the Exchange Company considers that the assets of the fund so permit, it may, with the prior approval of the Commission, allow in respect of a claim which is in excess of the total amount limited by or under section 109 such additional sum in or towards the compensation of the claimant as it thinks fit.
(6) The receipt of a copy of a notice under subsection (3) notifying the allowance or partial allowance of a claim is sufficient authority for the Commission to pay to the claimant the amount allowed under this section.
(Amended 58 of 1985 s. 74)
114. Committee of the Exchange Company may require production of securities, etc.
(1) The committee of the Exchange Company may at any time require any person to produce any securities, documents, or statements of evidence necessary—
(a) in order to substantiate any claim made against the compensation fund; or
(b) for the purpose either of exercising its rights against a stockbroker or against any other person concerned; or
(c) for the purpose of enabling criminal proceedings to be brought against any person in respect of a default, being a default which is or involves the commission of a criminal offence.
(2) Where any claimant required to produce any securities, documents, or statements of evidence under subsection (1) fails to produce them the committee