1989 Ed.]
Stock Exchanges Unification
[CAP. 361
5
3.
PART II
THE EXCHANGE COMPANY
Recognition of company as the Exchange Company
(1) Subject to this section, the Commission may, by certificate in writing under its seal, recognize as the Exchange Company for the purposes of this Ordinance a company formed and registered under the Companies Ordinance (Cap. 32).
(2) The Commission shall not recognize a company pursuant to subsection (1) unless it is satisfied that the company complies with the requirements of subsection (3).
(3) The requirements referred to in subsection (2) are that---
(a) the objects contained in the company's memorandum of association include-
(i) the establishment and operation of a stock market; and (ii) the provision and maintenance, to the satisfaction of the Commission, of adequate and properly equipped premises for the conduct of the business of a stock market;
(b) the articles of association contain nothing contrary to the provisions of this Ordinance; (Replaced 59 of 1985 s. 4)
(c)-(e) (Repealed 59 of 1985 s. 4)
(f) the memorandum and articles of association of the company provide for the making of rules for the proper and efficient operation and management of a stock market;
(g) the memorandum and articles of association of the company provide that the company will make the deposits required to be made to any compensation fund established under Part X of the Securities Ordinance (Cap. 333) in respect of the Exchange Company;
(h) the articles of association of the company have been approved by the Commission.
(4) The Commission may-
(a) where it intends to recognize a company under subsection (1); and
(b) for the purposes of enabling that company to comply to the satisfaction of the Commission with the requirements of sub-section (3),
cause the articles of association of the company to be drawn up and delivered to the Registrar of Companies.
(5) Notwithstanding anything in the Companies Ordinance (Cap. 32), the Registrar of Companies may register articles of association delivered under subsection (4).