Commis- sion to
30
of the Commission or of the Disciplinary Committee, as the case may be; and the decision of the Governor in Council shall be final.
(3) Where approval is refused under section 25, any approval is revoked under section 26, or any direction is made under sub- section (2) or subsection (3) of section 26, that refusal, revocation or direction shall take effect immediately, notwithstanding that an appeal has been or may be made under this section.
30. (1) No amendment to the constitution or rules of a stock exchange, whether by way of rescission, alteration, or addi- tion, shall have effect unless the amendment has been approved amendments by the Commission.
be notified of proposed
to constitu- tion and
rules of stock exchange.
Establish-
meat of
Hưng Trong Federation of Stock Exchanges.
Council of Fedemtion.
(2) Where it is proposed to amend the constitution or rules of a stock exchange, the committee of the stock exchange shall forward written notice of the amendment to the Commission for its approval.
(3) The Commission may, within 14 days after receipt of a notice under subsection (2), give notice that it disallows the whole or any specified part of the proposed amendment to which the nolice relates.
(4) A notice under this section may be served personally or by post.
PART IV
HONG KONG FEDERATION OF STOCK EXCHANGES
31. (1) There shall be an association of stock exchanges to be known as the Hong Kong Federation of Stock Exchanges.
(2) The Federation shall be a body corporate with perpetual succession and shall have a common seal which shall include the name of the Federation.
(3) Every stock exchange, when approved or deemed to have been approved under section 25, shall be deemed to be a member of the Federation.
(4) Any stock exchange whose approval is revoked under section 26 shall thereupon cease to be a member of the Fodera- tion.
32. (1) The Federation shall have a council, to be knowII as the Council of the Hong Kong Federation of Stock Exchanges,
31
which shall have the management of the Federation and shall perform on behalf of the Federation the functions prescribed by section 36.
(2) Two persons shall be appointed by the committee of each stock exchange from among the members of that exchange to be members of the Council.
(3) Every appointment under subsection (2) shall be made annually, not later than a date specified by the Commission.
(4) Subject to this Ordinance, a member appointed under subsection (2) shall hold office for a period of 12 months.
(5) A retiring member of the Council shall be eligible for reappointment to the Council.
(6) If any member of the Council ceases to be a member. the committee of the stock exchange which appointed him may appoint another person who is a member of that exchange to be a member of the Council in his place until the expiry of the period for which the first-mentioned person was appointed.
(7) A member of the Council may at any time resign by giving notice to the Council in writing.
(8) Notwithstanding anything to the contrary in this section, no person shall be eligible to be a member of the Council if he-
(a) is not ordinarily resident in Hong Kong:
(b) is an undischarged bankrupt;
(c) has been convicted of an offence, whether in Hong Kong
or elsewhere, involving fraud or dishonesty: or
(d) is serving a sentence of imprisonment or detained in a
mental hospital.
(9)
If the Council is satisfied that any of its members- (a) has been absent from meetings of the Council for a
period longer than 3 months without its permission: (b) has become bankrupt or made an arrangement with his
creditors;
(c) is incapacitated from carrying out his duties by reason
of physical or mental illness;
(d) is no longer ordinarily resident in Hong Kong; or (e) is otherwise unable or unfit to discharge the functions
of a member of the Council,