1989 Ed.]
Securities
[CAP. 333
77
of the Exchange Company may, if it is satisfied that securities, documents, or statements are in the possession of, or available to, the claimant, refuse to allow the claimant's claim until such time as he produces them.
(Amended 58 of 1985 s. 75)
115. Court proceedings to establish a claim against the fund
(1) Subject to subsection (2), a person whose claim has been disallowed, or only partially allowed, under section 113 may, at any time after the service under that section of the notice notifying the disallowance or partial allowance commence proceedings against the Exchange Company to establish his claim against the compensation fund.
(2) Except with leave of the Court, no proceedings against the Exchange Company in respect of a claim which has been disallowed, or only partially allowed, under section 113 may be commenced after the expiration of 3 months after the service of the notice under subsection (3) of that section.
(3) Any proceedings brought against the Exchange Company to establish a claim against the compensation fund shall be by action as for a debt due from the Exchange Company.
(Amended 58 of 1985 s. 76)
116. Supplementary provisions relating to proceedings brought under section 115
In any proceedings brought under section 115,
(a) all defences that would have been available to the person or persons in relation to whom the claim arose shall be available to the Exchange Company; (Amended 58 of 1985 s. 77)
(b) all questions as to costs shall be in the discretion of the Court;
and
(c) evidence which would be admissible against the stockbroker or any other person by whom it is alleged a default was committed is admissible to prove the commission of the default, notwithstanding that the stockbroker or other person is not the defendant in or a party to those proceedings.
117. Form of court order establishing claim
Where, in any proceedings brought against the Exchange Company to establish a claim against the compensation fund, the Court is satisfied that the default on which the claim is founded was actually committed and that the claimant otherwise has a valid claim, the Court shall by order-