Section
98(1)
99
100(2)
101(1)
109(4)
104
24
Amendment
1. By insorting, before the defmition of "Committee" the following
(55 of 1980.)
Pappointed day" means the day appointed under section 27 of the Stock Exchanges Unification Ordinance 1980 for the commencement of opera- tion of the Unified Exchange;”.
2. In the definition of "default", by deleting “a stock exchange" and substituting “the Exchange Company",
3. By deleting the definition of "stockbroking business" and substituting the following-
'"stockbroking business” means—
(a) a business of dealing in securities listed or quoted on the Unified Exchange carried on by a member of the Exchange Company,
(6) the administration of any trust, or the carrying on of the business of any company, in conjunc tion with, or as an adjunct to, a business apecified in paragraph (a)
(c) the retention of securities whether for safe keep- ing or otherwise, and whether for specific con- sideration or otherwise, in conjunction with, or as an adjunct to, a business specified in para- graph (a).".
By deleting "Stock Exchanges" and substituting "Unified Exchange".
By deleting "Council of the Federation" and substituting "Exchange Company".
I. In paragraph (a), by deleting "stock exchanges" and sub- stimating "the Exchange Company",
2. By deleting paragraph (6).
By deleting "Council of the Federation and to each stock exchange and substituting "Exchange Company".
By repealing and replacing the section by the following-
*Exchang Complot ca
104. (1) The Exchange Company shall, subject to the provisions of this Part, deposit with the make deposu Commission and keep deposited in respect of each membership of the Exchange Company A sum of $50,000 payable in cash.
la respect
al members.
(2) The amount referred to in subsection (1) shall be deposited—
(a) in respect of every membership held og the appointed day, not later than 1 month after that date; and
(b) in respect of every membership taken up after the appointed day, not later than 1 month after the date on which such membership is taken up.
(3) For the purposes of this section and section 106, each share in the Exchange Company held by a member shall be deemed to constitute e separate membership.
Section
105(2)
25
Amendment
(4) Any amount due under this section may be sued for and recovered by the Commission as
a debt in any court of competent jurisdiction.".
By deleting "contributing stock exchanges" and substituting "Exchange Company**.
106 and 107 By repealing and replacing the sections by the following-
ot deposita in serumin
Repkolahmen of fund i certain UNEN,
106. (1) Where the Exchange Company bas deposited a sum of money with the Commission under section 104 in respect of any membership and that membership for any reason ceases, the Commission shail, miless the money is required to satisfy any claims or liabilities arising before such membership ceased, within 6 months after the cessation of such membership, deliver to the Exchange Company the sum deposited in respect thereof.
(2) If any money has been delivered to the Exchange Company pursuant to subsection (1) in respect of any membership, the Exchange Com- pany shall, if the member but satisfied all financial obligations due in respect of such membership from the member to the Exchange Company and is otherwise in good standing with the Exchange Company, deliver the money..........
(a) to the member;
(b) where the member has died or is bank- rupt, to his personal representative or trustee in bankruptcy, as the case may be; or
(c) where the member is a corporation in liquidation, to the liquidator thereof.
[07. (1) Subject to subsection (2), if at any time resort has to be made to any money deposited under section 104 in order to satisfy boy claim made against the compensation fund in relation to a stockbroker, or to a member firm or corporate member, the Exchange Com- pany shall, on being required to do so by the Commission, replenish the fund by depositing with the Commission an amount that is equal to that paid in connexion with the satisfaction of the claim, including any legal and other expenses paid or incurred in relation to the claim.
(2) The Commission may not require the Exchange Company to make a deposit under subsection (1) in respect of any payment made to satisfy a claim under this. Part valess it bas first exhausted all relevant rights of action and other legal remedies, conferred by section 118. against the stockbroker, member firm or corporate member in relation to whom or to which the claim arose.