Liability to pay com- pensation.
Restriction
on use of title "stock- broker". "under- writer", etc.
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(b) he enters into the dealing as agent for another person and bas neither selected nor advised on the selection of the securities to which the dealing relates;
(c) he enters into the dealing in good faith in the perform. ance of an underwriting agreement with respect to the securities to which the dealing relates;
(d) he enters into the dealing in good faith in the exercise of his functions as trustee of a pension fund established wholly or primarily for the benefit of employees of the corporation to whose securities the dealing relates or of a corporation deemed by section 4 to be a related corporation, or
(e) he enters into the dealing in good faith in the exercise of his functions as a personal representative, liquidator, receiver, or trustee in bankruptcy.
(12) No dealing shall be vold or voidable by reason only that it was entered into in contravention of this section.
Action în Tort
141. (b) A person who contravenes section 135, section 136, section 137, or section 138 shall, in addition to any liability under section 139, be liable to pay compensation by way of damages to any person who has sustained pecuniary loss as a result of having purchased or sold securities at a price affected by the act or transaction which comprises or is the subject of The contravention.
(2) An action may be brought under subsection (1) in respect of a contravention referred to in that subsection notwith- standing that no person has been charged or convicted under section 139 in respect of the contravention.
(3) Nothing in this section limits or diminishes any liability which any person may incur under the common law,
PART XIII
MISCELLANEOUS PROVISIONS
142. (1) A person who is not a stockbroker shall not-
(a) take or use the title "stockbroker"; or
(b) take or use, or have attached to or exhibited at any place, any title that resembles the title "stockbroker"
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or so closely resembles that title as to be calculated to deceive.
(2) A person who is not an underwriter shall not—
(a) take or use the title "underwriter"; or
(b)
take or use, or have attached to or exhibited at any place, any title that resembles the title "underwriter" or so closely resembles that title as to be calculated to deceive.
(3) Any person who contravenes subsection (1) or subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine of $5,000.
(4) A person who is a member of a stock exchange outside Hong Kong does not contravene subsection (1) by reason only of-
(a) taking or using the title "stockbroker": or
(b) taking or using, or having attached to or exhibited al any place in Hong Kong, any title that resembles the title "stockbroker",
if in any such case the name of the stock exchange and the place at which it is located is quoted in conjunction with the title "stockbroker”.
(5) A person who carries on a business as an insurance underwriter does not contravene subsection (2) by reason only that he takes or uses the title "underwriter" in circumstances that make it clear that he is not holding himself out as being an underwriter within the meaning of section 2.
contracts.
143. (1) No investment adviser shall enter into an investment Investment advisory contract with any person in Hong Kong (in this section advisory referred to as his client), or extend or renew any such contract, or in any way perform any such investment advisory contract entered into, extended, or renewed after the commencement of this section, if the contract-
(a) provides for remuneration to be paid by the client to the investment adviser on the basis of a share of capital gains of the funds or any part of the funds of the client;
(b) does not include a provision to the effect that an assignment of the contract by the investment adviser shall be made only with the consent of the client; or