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32
documents in that person's custody or under his control relating to the subject-matter of the inquiry or appeal, as the case may be,
(2) At the bearing of an inquiry under section 67 or appeal to it under this Ordinance, the Disciplinary Committes may—
(a) receive such evidence as it considers relevant to the inquiry or appeal, whether or not it would be admissible in a court; nod
(6) require evidence to be given on path (either orally or in writing)
and books, accounts, records or documents to be produced.
(3) For the purposes of subsection (2), the chairman of the Disciplinary Committes may administer an oath.
(4) Any person who, without lawful authority or reasonable excuse, refuses or fails-
(2) to attend and give evidence when required to do so by the
Disciplinary Committee;
(6) to answer truly and fully questions put to him by a member of
the Disciplinary Committee;"or
(c) to produce any book, account, record or document which he has
been required to produce,
shall be guilty of an offcace and shall be liable on conviction to a fine of $10,000.
72. The Disciplinary Committee and any witness, barrister or solicitor appearing before the Disciplinary Committee shall, in respect of inquiries and appeals heard under this Ordinance, have the same privileges and immunities as are accorded to a court and persons appearing before it is legal proceedings.
73. (1) Every witness giving evidence or attending to give evidence at a bearing of any inquiry under section 67 or appeal under this Ordinance shall be entitled in the discretion of the Disciplinary Committee to such sum for his expenses and loss of time as the Disciplinary Committee may determine.
(2) Subject to any order made by the Disciplinary Committee as to the payment of costs or exponses, all witnesses' expenses under subsection (1) shall be paid out of moneys provided by the Legislative Council.
74. Subject to this Part, the Commission may make rules in respect of the hearing and determination by the Disciplinary Committee of inquiries under section 67 and appeals to the Disciplinary Committee under this Ordinance.
75. (1) Every decision of the Disciplinary Committee shall be in writing signed by the chairman of the Disciplinary Committee and shall contain a statement of the reasons for the decision.
(2) Every document purporting to contain a decision of the Dis- ciplinary Committee and to be signed by the chairman of the Disciplinary Committee shall, until the contrary is proved, be deemed to be a decision of the Disciplinary Committee duly made.
PART VIII
33
COMPENSATION FUND
76. (1) lo this Part, unless the context otherwise requires- "Committee" means the Compensation Fund Committee established under
section 78(1).
(2) A reference in this Part to a claimant or person making a claim includes, in the event of his death, insolvency or other disability, a reference to his personal representative or any other person having authority to administer his estate,
Incorpresation,
77. The Commission shall establish and maintain a compensation Brus fund, to be known as the compensation fund, for the purposes set out in a compens this Part.
Gp fund.
78. (1) There shall be a committee, to be known as the Compensation Compensalon Fund Committee, which shall be responsible, subject to this section, for the
Fund administration of the compensation fund.
Contidoppe
(2) The Committee shall consist of 5 members who shall be appointed by the Commission and of whom at least 2 shall be members of the Commission and at least 2 shall be shareholders.
(3) The Commission shall nominate one of the members of the Com- mittes, who is also a member of the Commission, to be the chairman of the Committen.
(4) The Committee shall exercise on behalf of the Commission such of the powers, duties and functions of the Commission under this Part as may be delegated to the Committee by the Commission,
(5) Subject to any direction of the Commission, the Committee may regulate its procedure in such manner as it thinks fic
79. (1) The compensation fund shall consist of-
(2) all amounts paid to or deposited with the Commission by the Exchange Company in accordance with the provisions of this Part; () all amounts recovered by or on behalf of the Commission by the
exercise of any right of action conferred by this Part:
(c) all amounts borrowed under subsection (3);
(2) all other amounts lawfully paid into the compensation fund. (2) The Commission may borrow for the purposes of the compensa + tion fund from any lender and may charge any investments acquired under section 83 by way of security for any such loan; but the aggregate surn owing at any one time in respect of such loans shall not exceed $1,000,000.
MooFT spne dla wan the compend
fund.
89. The Commission shall open at one or more licensed banka a Money to be separate bank account or accounts and shall, pending their application in eat in bank accordance with this Part, pay into or transfer to such bank account or accounts all amounts forming part of the compensation fund.
81. (1) The Commission shall keep proper accounts of the compensa tion fund, and shall in respect of the financial year beginning before and ending after the day on which this Ordinance comes into operation, and in respect of each subsequent financial year, prepare a revenue and expendi- ture account and a balance sheet made up to the last day of the financial yrar.
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