Cocalice to
Jaquire dolo alemdoar pt PRESCONDUCT.
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(2) The Disciplinary Committee shall consist of $ members, who shall be appointed by the Commission and of whom
(2) 1 shall be the member of the Commission who is qualified in law, or if there is more than I such member, 1 of those members; (b) 2 shall be other members of the Commission (other than the
Commissioner); sod
(c) 2 shall be such other persons fout being members of the Commis-
sion) as the Commission thinks fit.
(3) The member of the Disciplinary Committee referred to ia sub- section (2)a) shall be the chairman of the Disciplinary Committee.
(4) A quorum of the Disciplinary Committee shall be 4 members. (5) At any meeting of the Disciplinary Committee, the chairman sball have a deliberative vote, and, in the case of an equality of votes, shall also have a casting vote.
(6) All questions before any meeting of the Disciplinary Committee shall be decided by a majority of the valid votes recorded thereon. A question shall in the first instance be decided by a show of hands, but any member of the Disciplinary Committee may require a ballot to be held to determine the question.
(7) Subject to subsections (4), (5) and (6) and to any rules made under section 74, the procedure at meetings of the Disciplinary Committee shall be determined by the Disciplinary Committee.
67. (1) A Disciplinary Committee appointed for that purpose may in- quire into any allegation made by the Commission, the Commissioner or any other person, that-
(a) the Exchange Company:
(b) the management committee;
(c) say member of the management committee; or
(d) the Clearing House,
has been guilty of any misconduct.
(2) If, after inquiring into an allegation of misconduct under sub- section (1), the Disciplinary Committee is of the opinion that the allegation is proved it may, subject to subsection (4), do one or more of the following things-
(a) report its findings to the Commission and recommend the exercise
of any of the powers conferred on it by section 20;
(6) disqualify any member of the management committee from bolding office as such either permanendy or for auch period as it may apecity;
(c) impose on the Exchange Company or Clearing House a fine of
$10,000;
(d) reprimand the management committee or any member thereof. (3) The Disciplinary Committee shall-
(c) at the bearing of any inquiry into an allegation of misconduct
under subsection (1); and
(b) before doing any of the things specified in subsection (2),
give the body against which, or the person against whom, the allegation of misconduct is made or any action is to be taken an opportunity of being heard and the body or person may be represented by a barrister or solicitor.
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(4) Where the Exchange Company, management committee or any member thereof, or Clearing House has been proceeded against before a court in respect of an offence arising out of any misconduct, the Dis- ciplinary Committee shall not impose a fine under subsection (2X<) in respect of that misconduct.
(5) For the purposes of this section, "misconduct" means---
(a) any failure to comply with the requirements of, or any direction
given under, this Ordinance.
(6) any wilful contravention of the constitution of the Exchange
Company or Clearing House;
(c) any wilful contravention of the rules of the Exchange Company
or commodity market or the rules of the Clearing House, (d) any failure by the Exchange Company or by the management committee to enforce compliance by shareholders with the rules of the Exchange Company;
(e) any act or omission relating to the operation of the commodity exchange or any commodity market which is likely to be prejudicial to the public interest.
68. After the bearing of any inquiry under section 67 or appeal under Com. this Ordinance, the Disciplinary Committee may make such order as to the payment of costs as it considers just.
69. (1) Where the Disciplinary Committee- (a) under section 67(2)—
(i) disqualifics any member of the management committee from holding office;
(ii) imposes a fine on the Exchange Company or Clearing House; or
(ii) reprimands the management committee or any member thereof; or
(b) under section 68, makes an order for the payment of cost,
the person or body aggrieved by the decision or order of the Diedplinary Combinee may appeal to the High Court against the decision or order, and the High Court may confirm, very or reverse the decision or order and give such other directions as it thinks just and equitable.
(2) The decision of the High Court on an appeal under subsection (1) shall be final.
Appekli,
70. Any sum ordered by the Disciplinary Committee to be paid by Recovery of way of....
tư) Ông under section 67(2ch of
(b) costs under section 68,
shall be deemed to be a debt due from the person ordered to pay it to the person to whom it is ordered to be paid and shall be recoverable Accordingly in a court.
penalder and
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71. (1) The Disciplinary Committee may, by notice in writing signed Evidence at by the chairman of the Disciplinary Committee and served on any person bourine at
to whom it is addressed, require the person to attend and give evidence Inquiry, etc. before it at the hearing of any inquiry under section 67 or appeal to it under this Ordinance, and to produce all books, accounts, records and