Restriction cua tramater of
cers hap
(Cup 136)
Invited
the Exchange Company.
10
(3) Subsection (2) shall not apply to any subscriber to the memo- randum of the Exchange Company in respect of any membership or associate membership of the Exchange Company held as a subscriber.
(4) Subsection (1) shall not apply to any individual to whom it is proposed that a membership or associate membership be transferced under section 18(2).
18. (1) Subject to subsections (2) and (3), no membership or associate membership of the Exchange Company may, within 3 years after the date of commencement of this Ordinance, be transferred.
(2) Where within the period referred to in subsection (1) a member or associate member-
(a) dies, or in the case of a firm or corporation is dissolved;
(b) becomes bankrupt or makes an arrangement with his creditors or
assigns his estate for their benefit;
(c) becomes a mentally disordered person or a patient within the
meaning of section 2 of the Mental Health Ordinance;
(d) is expelled from the Exchange Company under the articles of
association; or
(e) satisfies the Comminee that there exist exceptional circumstances
which justify the transfer,
the membership or associate membership of such member or associate member may, with the approval of both the Committee and the Com- mission, be transferred to an individual in accordance with this section and the articles of association.
(3) No membership or associate membership shall be transferred under subsection (2) to any individual who-
(0) is a member or associate member of the Exchange Company; or (6) may apply for membership or associate membership of the
Exchange Company under Section 17(2),
unless such transferred membership or associate membership is, or is intended to be, in substitution for membership or associate membership already held by such individual, or in substitution for the making of an application by him under section 17(2),
(4) Notwithstanding anything in the constitution of the Exchange Company, any sum received by or on behalf of or payable to the transferor of any membership or associate membership under subsection (2) in excess of the sum paid for such membership or associate membership pursuant to section 16 and to the articles of association shall be paid to and retained by the Exchange Company.
19. (1) Subject to subsection (2), the transitional committee shall, applications for within 1 month after the date of commencement of this Ordinance, cause membership of
to be sent to every member and associate member of an existing exchange who may, under section 17(3), apply for membership or associate member- ship of the Exchange Company, an invitation, in a form approved by the Commission, to apply for membership or associate membership, as may be appropriate, of the Exchange Company in accordance with this Ordinance and with the articles of association.
(2) Where the membership or associale membership of an existing exchange is hold-
(a) by the personal representative of a deceased member, or
11
(b) by the trustee in bankruptcy of a bankrupt member,
the transitional committee shall cause an invitation under subsection (1) to be sent to the personal representative or trustee, as the case may be.
(3) The transitional committee shall, at the time of inviting applications under this section, specify a date, which shall be not less than I month nor more than 3 months after the date on which the transitional committer invites such applications, as the last date by which applications shall be delivared to the transitional committee.
(4) Any application under this section received after the date specified under subsection (3) may be accepted only with the approval of both the transitional committee and the Commission.
20. (1) Within 3 months after the date on which an application for Acceptance membership or associate membership is received in accordance with stica section 19, the transitional committee shall examine the application and od avtred
shall—–—
(a) accept the applicant for membership or asociate membership as
the case may be; or
(8) reject the applicant,
and shall notify the applicant of such acceptance or rejection accordingly.
(2) Subject to the right of appeal under section 23, the decision of
the transitional committee under subsection (1) shall be final.
direlli taluk Tel.
100 actixt
21. The Commissioner may, for the purposes of sections 19 and 20- Coomaladoner (a) provide such administrative assistance and support to the transi- mitiga
fional committee as be thinks fit; and
(6) in consultation with the transitional committee, carry out the processing of applications received by the transitional Committee.
COTTAMUTIES.
12. An application for membership or associate membership of the Late and Exchange Company--
(a) being an application other than an application pursuant to an
invitation under section 19; or
(b) being an application pursuant to as invitation under section 19
which--
(1) is received after the date specifled under section 1903); and (i) is not accepted under section 19(4),
shal, subject to this Ordinance, be treated as an application pursuant to the articles of association.
unlavited
applications.
23 (1) Where so applicant for membership or associate membership AppENÍ 10 is rejected by the transitional committee under section 20 or by the Com- Commission mitter pursuant to section 22, the applicant may, within i month after service upon the applicant of the notice of rejection, by notice in writing appeal against such rejection to the Commission.
(2) The Commission may after considering any representations made by or on behalf of the applicant and any reasona given or representations made by or on behalf of the transitional committes or the Committee-
(a) confirm the rejection of the applicant; or
(6) direct the transitional committee or the Committee to accept the applicant for membership or associate membership, as the case may be.
where appllogari pejected.