(Cur. 221)
Power to order closure.
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(b) remove by force any person or thing obstructing him
in the exercise of any such powers;
(c) detain any person found in the premises until they have
been searched.
(3) In this section "authorized officer" means the Commis- sioner or any police officer not below the rank of superintendent. (4) The provisions of section 102 of the Criminal Procedure Ordinance (which makes provision for the disposal of property connected with offences) shall apply to any thing which has come into the possession of the Commissioner under this section in the same way as it applies to property which has come into the possession of the police.
24. (1) If any person is charged with an offence against section 20, a magistrate may, on application made by or on behalf of the Commissioner, Order that any premises in which the stock market is alleged to have been operated be locked and secured until the charge is heard and determined.
(2) Any person aggrieved by the making of an order under subsection (1) and having an interest in the premises in respect of which the order was made may apply to a magistrate to have the order discharged; and on the hearing of the application the magistrate may either confirm the order of direct that it be discharged.
(3) An application under subsection (2) shall not be heard unless a copy of the application has been served on the Com- missioner at least 24 hours before the hearing.
(4) If any person is convicted of an offence against section 20, the court may order the premises in which the stock exchange was operated to be locked and secured for such period not exceeding 3 months as may be specified in the order.
(5) Where any order under subsection (1) or subsection (4) has been made, any authorized officer may take such steps as may be necessary to ensure that the premises to which the order relates are locked and secured.
(6) Any person who enters or attempts to enter any premises in respect of which an order made under subsection (1) or sub- section (4) is in force without the authority of the Commissioner shall be guilty of an offence and shall be liable on conviction to a fine of $50,000.
(7) In this section "authorized officer" means the Commis- sioner or any police officer.
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15. (1) An application may be made to the Commission Power of under this section by or on behalf of a registered company for Commis the approval of the company as a stock exchange,
sion to
approve a registered
(2) On receipt of any such application and a copy of the company company's memorandum and articles of association, the Com- as a stock exchange. mission in its discretion may, by certificate in writing under its seal, approve the company as a stock exchange if it is satisfied that the requirements specified in subsection (3) have been com- plied with.
(3) The requirements referred to in subsection (2) are as follows-
(a) that the objects contained in the company's constitution include a provision giving the company power to operate a stock exchange;
(b) that at least 20 members of the company will carry on businesses of dealing in securities independently and in competition with one another;
(c) that the constitution of the company makes satisfactory provision for the exclusion from membership of the company of
(i) a person who is not a registered dealer; (10) a
person who is a director or employee of a licensed bank;
(iii) a person who is a solicitor or professional ac- countant bolding a current practising certificate;
(iv) a person who performs any occupation, or carries on any business, for the time being prescribed by rules;
(v) a person who was not born in Hong Kong or who has not been ordinarily resident in Hong Kong for 5 out of the 7 years immediately preceding his applica- tion for membership of the company, unless he is, in the opinion of the Commission, a person of good reputation expericaced in dealing in securities;
(vi) a corporation or firm which does not carry on a business solely as a dealer or as a dealer and invest- ment adviser;
(vii) a corporation of which any director was not born in Hong Kong or has not been ordinarily resident in Hong Kong for 5 out of the 7 years immediately pre- ceding the application of the corporation for membership