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(5) Except as provided in this section or under regulations made under this Ordinance, no person may withdraw or transfer any deposit made under subsection (1).
(6) The following persons are exempt from being required to deposit the amount required under subsection (1)—
(a) any dealer who is a stockbroker:
(b) any corporate member or member firm of a stock
exchange:
(c) any corporation carrying on a business as a dealer cach of whose directors who is engaged in dealing in securities has deposited the amount so required; and
(d) any other dealer who belongs to a class of dealers exempted from the provisions of this section by regula- tions.
(7) The Commissioner shall open one or more accounts at a licensed bank into which he shall pay all sums received from dealers by way of deposit under this section, and shall then ascertain what proportion of those sums ought, in his opinion, to be retained in the accounts to enable liabilities under sub- section (2), or such other liabilities as may be prescribed by regulations, to be satisfied.
(8) After ascertaining the amount required to be retained under subsection (7), the Commissioner shall cause the balance of the sums to be invested in such manner as the Financial Secretary may direct.
(9) Where the Financial Secretary has given a direction under subsection (8), he shall, as soon as practicable after the end of each financial year, by notice in the Gazette,-
(a) declare a rate of interest to be paid for that financial year in respect of each sum deposited under sub- section (1):
(b) specify the manner and time of payment of that interest;
and
(c) specify an amount to be charged for management expenses incurred by the Commissioner in administering that sum under this section.
(10) As soon as practicable after the publication of the notice referred to in subsection (9), the Commissioner shall, after deduct- ing the appropriate amount chargeable in respect of management
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expenses, pay to each person who has deposited the prescribed sum under subsection (1), or to that person's duly authorized agent or personal representative, the appropriate amount of interest duc in respect of that sum for the financial year in question.
(11) If any person who has made a deposit under subsection (1) ceases to be registered as a dealer and the deposit has not been or is not required to be disposed of under subsection (2), that person, or his agent or personal representative, may apply to the Commissioner for the deposit to be released to him.
(12) On making an application under subsection (11), the applicant shall
(a) satisfy the Commissioner by a statutory declaration- that he knows of no other person who has made or is entitled to make a claim in respect of the deposit; (ii) if he is not the dealer who made the deposit, that be is entitled to give a good discharge for the deposit and stating the circumstances in which he is so entitled: and
(B) provide the Commissioner with such information as will satisfy him that an advertisement in a form approved by him has been inserted once in an English language newspaper, and once in a Chinese language newspaper, circulating in Hong Kong,
(13) The Commissioner, on being so satisfied, shall cause the amount of the deposit to be released to the applicant.
53. (1) The Commissioner may refuse to register an applic- Refusal of registration. ant for registration under this Part-
(a) in the case of an applicant who is an individual, on
the grounds that--
(i) the applicant has not provided the Commissioner with such information relating to him or any person employed by or associated with him, and to any cir- cumstances likely to affect his method of conducting business, as may be prescribed by or under this Ordinance;
(i) the applicant is detained under the Mental Health (cap. 136.) Ordinance in a mental hospital or is a patient, as defined
in section 2 of that Ordinance;
(iii) the applicant is an undischarged bankrupt;