1976-HKRS28-16-24_Part03 — Page 65

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(a) the rules of the Exchange Company and every amendment

thereto;

(e) the rules of the Clearing House and every amendment thereto;"

and

the rules of the Guarantee Corporation and every amendment thereto.

(3) The Commission shall, within 14 days after the receipt of any submission under subsection (2), give notice in writing to the Exchange Company of-

(a) its approval of; or

(b) its refusal to approve,

the constitution or amendment of the constitution, rules or amendment of the rules, as the case may be, or any part thereof.

15. (1) The management of the Exchange Company shall be vested in a committee to be called "the management committeş",

(2) The management committee shall consist of 15 members of whom-

(a) 3 members shall be nominated by the board of the Exchange

Company; and

(A) 12 members shall be persons elected by the Exchange Company

from amongst its shareholders,

(3) Members of the martagement committee shall hold office for such period as the board of the Exchange Company may decide.

16. Unless otherwise authorized in writing by the Commission, the trading in commodity futures contracts In a commodity market shall be in respect of specified commodities only.

17. (1) An individual shall not be entitled to become a shareholder

if he is

(o)

(3 et 1976)

(6)

(CAD. 50.)

a director or employee of a licensed bank;

a director or employee of a deposit-taking company registered under the Deposit-taking Companies Ordinance 1976; or

(c) a solicitor or professional accountant (within the meaning of the Professional Accountants Ordinance) holding a current practising certificate.

(2) A corporation shall not be entitled to become a shareholder if any director or employee accredited to the corporation would not be entitled to become a shareholder as an individual under subsection (1).

(3) A firm shall not be entitled to become a shareholder-

(a) if any partner or employee accredited to the firm would not be entitled to become a shareholder as an individual under sub- section (1); or

(b) if any partner of the firm is a corporation and such corporation would not be entitled to become a shareholder woder sub- section (2),

18. (1) Subject to subsection (2), the Commission may revoke the emotion licence issued under section 13 if the Exchange Company-

(a) ceases to comply with any requirement specified in subseclian (3)

of that section;

(6) ceases to operate the Commodity Exchange; or (c) is being wound up.

(2) The Commission shall give to the Exchange Company not less than 14 days' notice in writing of its intention to revoke the licence under subsection (1) and the notice shall specify the grounds for revocation.

ot foence lastice woder #otion 13.

Ckamre of the Commodity

ch

19, (1) Where the Exchange Company ceases to comply with any requirement specified in section 1303), the Commission may, instead of Excbanas Lor revoking the licence under section 18 direct the Exchange Company that non-complikatz the Commodity Exchange be closed forthwith for the transaction of any trading in commodity futures contracts specified in the direction unth auch time as the Exchange Company bas, to the satisfaction of the Commission, complied with such requirement.

(2) The Commission shall give to the Exchange Company not less than 14 days' notice în writing of its intention to direct the closure of the Commodity Exchange under subsection (1) and the notice shall specify the grounds for closure.

section 136)

18. (1) Where the Disciplinary Committee reports to the Commission Closure of the

Commoda under section 67 that the Exchange Company, management committee or Bxchange for a member thereof, or Clearing House has committed misconduct, the maconduca Commission may, after considering any recommendation made by the Disciplinary Committee --

(o) revoke the Bicence issued under section 13; or

(b) direct the Exchange Company that the Commodity Exchange be closed forthwith for the transaction of any trading in commodity futures contracts specified in the direction until the Commissioo revakes the direction.

(2) The Commission shall give to the Exchange Company not less than 14 days' notice in writing of its intention to revoke the licence or to direct the closure of the Commodity Exchange under subsection (I) and the notice shall specify the misconduct committed by the Exchange Com- pany, management committee or a member thereof, or Clearing House.

21. (1) The Governor may direct the Exchange Company that the Coeure of Commodity Exchange be closed for a period not exceeding 5 bank working rebane ist

the Commodity days for the transaction of any trading in commodity futures contracts an emergency, specified in the direction if the Governor is of the opinion that the orderly transaction of such trading is being or is likely to be prevented because-

(a) an emergency or natural disaster has occurred in Hong Kong: or

(b) there exists an economic or financial crisis or any other circum-

stance, whether in Hong Kong or elsewhere.