(20 al 1973)
26
under this section, authorize the company to admit to member- ship-
(a)
an individual who is not eligible for membership of the company by reason of his not being born in Hong Kong or not fulfilling the residential requirement for member- ship of the company if, in the opinion of the Commis- sion, he is a person of good reputation experienced in dealing in securities;
(b) a corporation of which any director was not born in Hong Kong or has not been ordinarily resident in Hong Kong for 5 out of the 7 years immediately preceding the application of the corporation for membership of the company, if, in the opinion of the Commission, the director is a person of good reputation experienced in dealing in securities;
(c) a firm of which any partner-
(i) is an individual who was not born in Hong Kong or has not been ordinarily resident in Hong Kong for 5 out of the 7 years immediately proceding the applica- tion of the firm for membership of the company; or
(ii) is a corporation of which any director was not born in Hong Kong or has not resided in Hong Kong for 5 out of the 7 years immediately preceding the application of the firm for membership of the company, if, in the opinion of the Commission, the individual or, as the case may be, the director is a person of good reputation experienced in dealing in securities.
(5) Where, immediately before the commencement of this Part, any company was a recognized stock exchange within the meaning of section 2 of the Stock Exchanges Control Ordinance 1973, that company, subject to subsection (6), shall be deemed to be approved as a stock exchange under subsection (2).
(6) Every company to which subsection (5) relates shall, not later than 6 months after the commencement of this Part, satisfy the Commission that it has complied with the requirements of paragraphs (b), (c), (d), (e) (f), and (g) of subsection (3), except that in relation to paragraph (c) the company is not required to amend its constitution sa to provide for the exclusion from membership of the company of any of those persons mentioned in sub-paragraphs (iii), (v), (vii), (x), and (xi) of that paragraph who were members of the company at the commencement of
27
This Part and who would, but for this exception, be liable under the constitution of the company to be excluded from that mem- bership.
(7) If any company to which subsection (5) relates fails to satisfy the Commission as required by subsection (6), the Com- mission may, at any time while the requirements of subsection (6) remain unsatisfied, revoke the approval deemed to have been given under subsection (5).
26. (1) The Commission may revoke any approval given or Revocation deemed to have been given under section 25 on giving 14 days of approval
and aus. notice in writing to the company of its intention to do so on pension of the ground-
dealings for misconduct.
(a) that the stock exchange operated by the company no etc.
longer has at least 20 members;
(b) that the constitution of the company no longer complies with the requirements specified in paragraphs (c) and (d) of section 25(3);
(c) that the rules of the stock exchange no longer comply
with the requirements of section 25(3Xe);
(d) that the stock exchange no longer maintains a place of business which complies with the requirements of section 25(3)) or that the exchange operates a stock market in Hong Kong at any other place of business;
(e) that the stock exchange has failed to make any deposit or payment into the compensation fund as required under Part X; or
(f) that the company is being wound up or has ceased to
operate a stock market.
(2) The Commission may, instead of revoking the approval given or doomed to have been given under section 25, direct that the premises of the stock exchange be closed forthwith for the transaction of dealings in securities until such time as the stock exchange has, to the satisfaction of the Commission, complied with the requirement in question.
(3) Without prejudice to the exercise of its powers under subsections (1) and (2), the Commission may, where it has received a recommendation from the Disciplinary Committee pursuant to section 39(2)(a) in respect of a stock exchange which the Com- mittee has found guilty of misconduct under that section-
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