1976-HKRS28-16-24_Part04 — Page 12

Supplementary providons reiking 10 Kourt proceedrun.

Coum arder

The c

Subrosadon of the

Commision

Go righe

Alc, of

clamen om payment from

the compe thom Fund.

Payment of sladom from

the compen95%+

on fund

only.

Providan where the composition Tund in

audient t best cluba.

38

93. In any proceedings brought under section 92

(a) all defences that are available to the person or persons in relation to whom the claim arose shall be available to the Exchange Company;

(b) all questions as to costs shall be in the discretion of the court;

and

(c) evidence which is admissible against the shareholder or against any other person by whom it is alleged a default was committed is admissible to prove the commission of the default, notwith- standing that the shareholder or other person is not the defendant in or a party to those proceedings,

94. Where, in any proceedings brought under section 92, a court is satisfied that the default on which the "claim is founded was actually committed and that the claimant otherwise has a valid claim, the court shall by order-

(a) allow the amount of the claim or such part of the claim as it

thinks proper;

(b) declare the fact and date of the default and the amount allowed

under paragraph (0); and

(e) direct the Commission to pay to the claimant the amount declared

under paragraph (b).

95. On the Commission making any payment out of the competisa- tion fund in respect of any claim for compensation under this Part-

(a) the Commission shall be subrogated to the extent of that pay, ment to all the rights and remedies of the claimant in respect of the pecuniary loss sustained by him by reason of the default on which the claim was based; and

(b) the claimant shall have no right under any bankruptcy or legal proceedings or otherwise to receive in respect of the "pecuniary loss any sum out of the assets of the shareholder concerned, or where the pecuniary loss was caused by the default of a director, partner or employee of a shareholder, the assets of that director, partner or employce, until the Commission has been reimbursed the full amount of the payment made by it out of the compensa- tion fund.

96. No money or other property belonging to the Commission or the Exchange Company, other than the compensation fund, shall be available for the payment of any claim for compensation under this Parl whether the claim is allowed by the Exchange Company or is made the subject of a court order or otherwise.

97 (1) Where the amount at credil in the compensation fund is insufficient to enable the payment of the whole amount of all claima against it which have been allowed, or in respect of which court orders have been made, under this Part then the amount at credil shall, subject to subsection (2), be apportioned between the claimabls in such manner as the Exchange Company or, as the case may be, the court thinks equitable and any such claim shall, so far as it remains unpaid, be charged against further receipts of the compensation fund and paid out of the compensation fund when there is again money available in the compensation Fund,

(2) Where the aggregate of all claims for compensation which have been allowed, or in respect of which court orders have been made, under this Part in respect of the default giving rise to the claims exceeds the

39

total amount which may be paid under this Part in respect of any share- holder concerned in the default, thai lotal amount shall be apportioned between the claimants in such manner as the Exchange Company or, as the case may be, the court thinks equitable; and, on payment out of the compensation fund of that total amount in accordance with that appor- Gonment-

(a) all such claims and any order of the court relating to them; and

(8) all other claims for compensation which may subsequently arise

or be made in connexion with the default,

shall be absolutely discharged.

va return

98. In the event of the Exchange Company being wound up under Power of the Companies Ordinance, the Commission may, in its absolute discretion. Commision after the satisfaction of all outstanding liabilities against the compensation deposta og fund, pay to the liquidator of the Exchange Company the whole or any ploding on of part of the amounts deposited in cash by the Exchange Company under the abuse this Part, together with any income accrued in respect thereof; and on any Cap. 320 such payment being made those amounts alall form part of the assets of the Exchange Company and be available to the liquidator for distribution in accordance with the Companies Ordinance.

PART DX

MISCELLANEOUS PROVISIONS

COHONAN

99. An appeal to the High Court under this Ordinance shall be procedure de made within such time and in such manner, and shall be heard in accord- #proac ance with such procedure, as may be prescribed by rules of court made under the Supreme Court Ordinance.

(CUP. 4)

En

100. (1) Where the management committee becomes aware of any Benon of matter which adversely affects or is likely to adversely affect the ability CCTIBJE of a shareholder to meet his legal obligations as a dealer, the management remardies committee shall report the matter to the Commissioner in writing as shareholders. soon as practicable' after it becomes aware of the matter.

(2) Where the membership of a shareholder is suspended, or a share- holder is expelled from membership, by the Exchange Company, the management committee shall report the matter to the Commissioner in writing within 3 trading days after such suspension or expulsion, as the case may be.

101. Every dealer, other than a director, partner or employes of a Notification by corporation or firm who is accredited to the corporation or firm as à dealer, shall notify the Commissioner in writing of-

(a) the period of the financial year adopted by him and of the

date on which it ends; and

(b) any changes in the period of the financial year or the date on

which it ends.

102. The Exchange Company shall furdish promptly to the Com mission copies of all rules of a commodity market made or issued and all proposed changes to such rules.

dealers ad thelf Danielal yekt

Supply of woples of rules

Do the Commission.