Powers of
Federation
and Council.
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(i) any members of one member of the Federation and any members of another member of the Federation;
Or
(1) any member of the Federation and any members of any other member of the Federation:
(e) to be the sole representative of members of the Federa- tion in respect of any matter other than one involving the internal administration of the stock exchange of any such member:
(f) to promote research into all aspects of investment in
securities;
(g) to encourage its members to improve the efficiency, methods, and procedures of the stock markets operated by them:
(h) to fix the hours of trading on stock exchanges; (f) to determine all matters relating to the levying of broker- age in respect of transactions on stock exchanges, in- cluding the fixing of a uniform rate of brokerage in relation to all stock exchanges;
() to establish a uniform procedure for the transaction of dealings between members of one stock exchange and members of another:
(k) to perform any other function in relation to dealings in securities determined by the unanimous decision of the Council and approved by the Commission, not being a function which is inconsistent with this Ordinance.
37. (1) The Federation shall have all such powers as may be necessary to enable it to carry out its functions, and without prejudice to the generality of the foregoing may-
(a) acquire, hold, or dispose of movable or immovable
property:
(b) for the purpose of financing its operations, impose levies on its members of such amounts as may be determined by the Council, with the concurrence of the Commis- sioner:
(c) appoint officers and other staff on such terms and con-
ditions as the Council thinks fit.
(2) The Council may appoint committees of its members and may delegate to any such committee any of its functions or powers (other than the power of delegation conferred by this
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subsection) and may authorize such a committee to co-opt as members thereof persons who are not members of the Council.
(3) The Federation may, and if so directed by the Com- mission shall, make rules on any matter within its functions.
(4) Every rule made under subsection (3) shall be binding on and be enforceable against each stock exchange and against the members of each stock exchange, except to the extent that any such rule purports to exempt any specified stock exchange or any members or class of members of a stock exchange from its operation.
(5) The Federation may cause any rules made under sub- Rection (3) to be promulgated in such manner as it thinks fit.
(6) All rules made under subsection (3) shall, subject to subsection (7), come into operation on the date on which they are made or on such later date as may be specified in the rules.
(7) No rule made under subsection (3) (not being a rule made at the direction of the Commission) shall come into opera- tion unless it has been previously approved by the Commission.
PART V
SECURITIES COMMISSION Disciplinary Committeb
38. (1) There shall be a committee, to be known as the Constitu Securities Commission Disciplinary Committee, appointed in tion of
Disciplinary accordance with this section to exercise the powers and perform Committee. the functions conferred on it by this Ordinance.
(2) The Disciplinary Committee shall be appointed by the Commission, and shall consist of five presons of whom-
(a) one shall be the member of the Commission appointed under section 10(1)(c) who is qualified in law, or if there is more than one such member, one of those members; (b) two shall be other members of the Commission (other
than the Commissioner);
(c) two shall be persons nominated by the Federation.
(3) The member of the Disciplinary Committee referred to in subsection (2)(a) shall be chairman of the Disciplinary Com- mittee.