1976-HKRS28-16-24_Part04 — Page 11

Show at Inacceal

directors, e00, To reliblan 13 chc

compd.

Junit

Norker Call for daima RINGA the SOMOGURTtoo food

36

compensation, less any amount attributable to costs and disbursements, at such rate as may be determined by the Commission, which shall be cal- culated from the day on which the default was committed and continue until the day on which the claim is satisfied.

(6) Subsection (1) shall not apply where the default occurs prior to the commencement of this section.

88. (1) Notwithstanding anything to the contrary in this Part, where all persons submitting claims for compensation under this Part have been fully compensated in accordance with the provisions of this Part for the peciniary "loss sustained by them as a result of the default by a director, partner or employes of a shareholder, the shareholder or any other director, partner or employee of the shareholder, who has paid the compensation to any claimant shall be subrogated to the extent of that payment to all the rights and remedies of that claimant against the compensation fund if the Exchange Company considers, having regard to all the circumstances, tha

(a)

was in no way party to the default in question; and

(b) acted honestly and reasonably in the matter.

(2) The Exchange Company shall notify In writing the shareholder or director, partner or employee of the shareholder referred to in subsection (1) the decision made by it under that subsection.

(3) If a shareholder or any director, partner or employee of a share- holder is aggrieved by the decision of the Exchange Company under subsection (1), he may, within 28 days after receipt of notice of the decision, appeal to the Commission against the decision.

(4) An appellant shall, on the same day as lodging a notice_of appeal with the Commission, lodge a copy of the notice with the Ex- change Company,

(5) The Commission shall inquire into and decide on the appeal and, if the Commission considers that having regard to all the circumstances, the appellant-

(a) was in no way a party to the default in question; and

(6) acted honestly and reasonably in the matter,

it may direct that the appellant shall be subrogated to the extent of any payment made by him to all the rights and remedies against the com pensation fund of the person to whom he has paid the compensation.

89. (1) The Exchange Company may cause to be published in one or more English language newspapers and one or more Chinese language newspapers, published daily and circulating generally in Hong Kong, a notice specifying a date, not being earlier than 3 months after publication of the notice, on or before which claims for compensation" from the compensation fund may be made in relation to the person specified in the notice.

(2) Where any person wishes to claim compensation under this Part. he shall lodge his claim in writing with the Exchange Company—

(a) if a notice under subsection (1) has been published, on or before

the date specified in the notice; or

(8) if no such notice has been published, within 3 months after the

claimant became aware of the default giving rise to the claim,

37

(3) Any claim which is not lodged within the time limited by sub- section (2) shall, unless the Exchange Company otherwise determines, be barred.

(4) An action for damages shall not lig against the Exchange Com- pany or against any member of the management committee by reason of any notice published for the purposes of this section in good faith and without matice.

90. (1) Where the Exchange Company is satisfied that a claim for compensation under this Part is a proper claim, it shall, subject to this Part, make a determination allowing the claim.

(2) If the Exchange Company is not satisfied as to the propriety of a claim for compensation under this Part, it shall make a determination disallowing the claim or, if it is satisfied as to the propriety of a part of such a claim, it shall make a determination allowing the claim as to that part,

(3) Where the Exchange Company makes a determination under sub- section (1) or (2), it shall forthwith serve notice in writing of its deter- mination on the claimant or an his solicitor and deliver a copy of the notice to the Commission.

(4) If the Exchange Company disallows, or allows partially, a claim under subsection (2), the determination of the Exchange Company shall specify the reasons for the disallowance or partial allowance, as the case may be.

(5) The receipt of a copy of a notice under subsection (3) notifying the allowance or partial allowance of a claim is sufficient authority for the Commission to pay to the claimant the amount allowed under this section.

Power of the

Exchange Company in repea of claims.

91. (1) The Exchange Company may require any person to produce Exchange any futures contracts, documents or statements of evidence necessary----- Compas

may require

(a) in order to substantiate any claim for compensation under this production of

Part;

(b) for the purpose of exercising its rights against any shareholder

or against any other person; or

(c) for the purpose of enabling criminal proceedings to be brought against any person in respect of a default, being a default which is or involves the commission of a criminal offence.

(2) Where any claimant required to produce any futures contracts, documents or statements of evidence under subsection (1) fails to produce them the Exchange Company may, if it is satisfied that the futures con- tracts, documents or statements of evidence are in the possession of, or available to, the claimant, refuse to allow the claimant's claim until such time as he produces them.

docupent FLC.

92. (1) Subject to subsection (2), a person whose claim for com- Coor pensation under this Part has been disallowed or partially allowed under proceedings o Section 90 may commence proceedings in a court against the Exchange my Company to establish his claim.

(2) Except with the leave of the court, no proceedings against the Exchange Company under subsection (1) may be commenced after the expiration of 3 months after the service of the notice under section 90(3), (3) Proceedings brought against the Exchange Company to establish a claim for compensation under this Part shall be by action as for a debt due from the Exchange Company,

escabab

the compensa-

loa fund.