Refusal of pektralion.
(CAP. 43
14
(2) The following applicants shall not be required to pay the deposit under subsection (1)--
(a) an applicant that is a corporation, if any director or employee accredited to the corporation as a dealer has paid such déposit; (6) an applicant that is a firm, if any partner or employee accredited
to the firm as a dealer has paid such deposit;
(c) an applicant who is a shareholder, if the Exchange Company has made in respect of the shareholder a deposit to the compensation fund under Part VII;
(d) an applicant who is accredited to a shareholder as a dealer, if the Exchange Company has made in respect of the shareholder a deposit to the compensation fund under Part VIII.
32, 0) The Commissioner may refuse to register an applicant under section 30-
(a) in the case of an applicant who is an individual, on the grounds
that
( the applicant has not provided the Commissioner with such information relating to him or any person employed by or asso- ciated with him for the purposes of his business, and to any circumstances likely to affect his method of conducting business, as may be prescribed by or under this Ordinance;
(i) the applicant is an undischarged bookrupt or has com- mitted an act of bankruptcy within the meaning of section 3 of the Bankruptcy Ordinance or has made a composition or arrangement with his creditors;
( it appears to the Commissioner that, by reason of the applicaol, or any person employed by or associated with him for the purposes of his business, having been convicted, whether in Hong Kong or elsewhere, of an offence his conviction for which necessarily involved a finding that he acted fraudulently or dis- honestly, or having been convicted of an offence against this Ordinance, or having committed a breach of any regulations made under this Ordinance relating to dealers, commodity trad. ing advisers, or their representatives, the applicant is not a fil and proper person to be registered; or
(iv) it appears to the Commissioner that, by reason of any other circumstances whatsoever which either are likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting business of, the applicant or any person employed by or associated with him for the purposes of his business, the applicant is not a fit and proper person to be registered; or
(8) in the case of an applicant that in a corporation, on the grounds
that-
the applicant has not provided the Commissioner with such information relating to it or any person employed by or associated with it for the purposes of its business, and to any circumstances likely to affect its method of conducting business, as may be proscribed by or under this Ordinance;
(ii) any director or employee of the applicant who applies to be registered as a dealer in bis capacity as such director or em- ployee, as the case may be, would be refused registration under paragraph (2XD);
15
(i) the applicant has at any time prior to the application entered into any composition or scheme of arrangement with its creditors:
(iv) it appears to the Commissioner that, by reason of the applicant, or any director or employee of the applicant, baving been convicted, whether in Hong Kong or elsewhere, of an offence ita or his conviction for which necessarily involved a finding that it or he acted fraudulently or dishonestly, or having been convicted of an offcuce against this Ordinance, or having committed a breach of any regulations made under this Ordinance relating to dealers, commodity trading advisers, or their representatives, the applicant is not a fit and proper person to be registered; or
(v) it appears to the Commissioner that, by reason of any other circumstances whatsoever which either are likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting business of, the applicant or any director or co- ployee of the applicant, the applicant is not a fit and proper person to be registered; or
(c) in the case of an applicant that is a firm, on the grounds that- O the applicant has not provided the Commissioner with such information relating to it or any person comployed by or associated with it for the purposes of its business, and to any circunistunees likely to affect its methods of conducting business, as may be prescribed by or under this Ordinance;
(i) any partner or employee of the applicant who applies to be registered as a dealer in his capacity as such partner or employee, as the case may be, would be refused registration under para- graph (@Mix
(iii) the applicant has at any time prior to the application entered into any composition or scheme of arrangement with its creditors:
(iv) it appears to the Commissioner that, by reason of the applicant, or any partner or employee of the applicant, having been convicted, whether in Hong Kong or elsewhere, of an offence its or bis conviction for which necessarily involved a finding that it or he acted fraudulently or dishonestly, or having been convicted of an offence against this Ordinance, or having committed a breach of any regulations made under this Ordinance relating to dealers, commodity trading advisers, or their representatives, the applicant is not a fil and proper person to be registered; or
(v) it appears to the Commissioner that, by reason of suy other circumstances whatsoever which either are likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting business of, the applicant or any partner or employee of the applicant, the applicant is not a fit and proper person to be registered.
(2) The Commissioner shall not refuse to register an applicant under subsection (1) without first giving the applicant an opportunity of being beard.
(3) Where the Commissioner refuses to register an applicant under subsection (1), he shall notify the applicant in writing to that offect stating the reasons for the refusal.
33. (1) Subject to subsection (14), if—–—–
(a) an individual who is a dealer becomes bankrupt, the Commissioner shall transfer the deposit paid by or in respect of such individual under section 31 to his trustee in bankruptcy;
Disposal and Build al
deposu paid under
vection 31.