Establish. ment of Securities
Commis tom.
Member-
ship of Commis- sion.
14
Securities Commission
9. There is hereby established a Securities Commission, which shall be a body corporate with perpetual succession and a common seal and in that name may sue and be sued.
10. (1) The Commission shall consist of seven members of whom
(a) one shall be the Commissioner:
(b) another shall be the Registrar of Companies; and (c) the remaining five shall be persons appointed by the
Governor.
(2) At least one of the members of the Commission appointed under subsection (1)(c) shall be a person qualified in law.
(3) Subject to this Part, a member of the Commission appointed under subsection (1)(c) shall hold office for a period of 2 years from the date of his appointment.
(4) At the expiry of his period of appointment, every retiring member of the Commission shall, subject to this Part, be eligible for reappointment.
(5) Any member of the Commission may at any time resign by giving notice in writing to the chairman of the Commission or, in the case of the chairman, by giving notice in writing to the Governor.
(6) Where any member of the Commission resigns or the office of any such member otherwise becomes vacant before the expiry of the period of his appointment, the Governor may appoint another person to hold office until the expiry of the period for which such member was originally appointed.
(7) If any member of the Commission-
(a) has been absent from the meetings of the Commission without its permission for a period longer than 3 months;
(b) becomes bankrupt or makes an arrangement with his
creditors:
(c) becomes incapacitated by physical or mental illness: (d) is found guilty, whether in Hong Kong or elsewhere, of any offence involving fraud or dishonesty or is sentenced
IS
to a term of imprisonment for any offence (whether or not involving fraud or dishonesty);
(e)
ceases to be ordinarily resident in Hong Kong; or
() is otherwise unable or unfit to discharge the functions
of a member of the Commission,
the Governor may by notice in writing declare bis office as a member of the Commission to be vacant.
(8) The powers of the Commission shall not be affected by any vacancy in its membership.
11. (1) The Governor shall appoint one of the members of Chairman the Commission appointed under section 10(1)(c) to be the chair- and deputy
chairman man of the Commission and may revoke the appointment at of Com mission. any time.
(2) If the office of chairman is vacant, or the chairman is absent from any meeting of the Commission or is incapacitated by illness or other cause from performing the duties of his office, the remaining members of the Commission may elect one of their number to act as chairman during the vacancy, absence or in- capacity, as the case may be.
(3) A member of the Commission elected under subsection (2) shall, for the period that he acts as chairman, have and may exercise all the powers and functions of the chairman,
12. (1) Meetings of the Commission shall be held at such Meelings of times and places as the Commission or its chairman may appoint the Com-
mission. (2) At all meetings of the Commission four members shall form a quorum.
(3) At any meeting of the Commission, the chairman shall have a deliberative vote, and, in the case of an equality of votes, shall also have a casting vote.
(4) All questions before the Commission shall be decided by a majority of the valid votes recorded thereon. A question shall in the first instance be decided by a show of hands, but any member of the Commission may require a ballot to be held to determine the question.
(5) Subject to subsections (1) to (4) the procedure at meetings of the Commission shall be determined by the Commission, and for that purpose the Commission may make standing orders.