Amendment DE seccion 74.
Amendesent of action 81.
Armendment Ot section 12.
Amendment of Seedom R.
Addition of
new melon BTA
21. Section 74 of the principal Ordinance is amended by deleting subsection (2) and subelituling the following-
"(2) Subsection (1) does not apply to-
(a) a person in so far as-
(i) he calls at the place of another person who is a banker, solicitor, professional accountant, registered or exempt dealer, registered or exempt investment adviser or registered dealer's representative or registered investment representative; and
(i) whether as principal of agcut, he makes, or offers to make. with that other person an agreement referred to in sub- section (1) or induces, or attempts to induce, that other person to enter inta such an agreement; or
(5) any other person calling from place to place who belongs to a class of persons prescribed in regulations for the purpose of this subsection.".
22. Section 81 of the principal Ordinance is amended by deleting subsection (3) and substituting the following-
"(3) No dealer shail, without the specific authority in writing of the person to whom he is accountable, deposit any securities of which the dealer is not the owner as security for loans or advances made to the dealer or lend or otherwise part with the possession of any such securities for any purpose.".
23. Section 82 of the principal Ordinance is amended by deleting subsection (1) and substituling the following-
"(1) This Part applies to the business of a registered dealer, other than a registered dealer who is a director of a corporation when acting for or on behalf of the corporation in its business of dealing in securities; and every reference in this Part to the term "dealer" shall be construed accordingly.*'.
24. Section 83 the principal Ordinance is amended-
(a)
in subsection (3M«)(vi), by deleting "as security for loans or advances made to the dealer" and substituting the following-
"whether as security for loans or advances made to the dealer or any related corporation or for any other purpose"; (b) in subsection (3XB), hy deleting "from clients for sale or safe custody clearly showing the name or names in which the particular securities are registered" and substituting the following-
"from or on behalf of clients, clearly identifying in respect of each receipt of securities the client and the securities"; and
(c) in subsection (4), by deleting paragraphs (2) to (2) and substituting
the following
"(a) clients of the dealer; and
(b) the dealer himself.".
25. The principal Ordinance is amended by adding, after section 87. the following new section-
**Excaler's
Пnanciol
87A. (1) A dealer shali-
(a) within 1 month after the date on which this section
commences; or
(b) if he is not registered at that date, within 1 month after the issue to him of a certificate of registration under section 51,
(Ckp. 323
notify the Commissioner in writing of the date on which his financial year ends.
(2) On application in writing by a dealer, the Com~ missioner may, subject to such conditions as he thinks fit, grant permission to the dealer to alter his financial year.
(3) Except with the written permission of the Com- missioner, the period of a dealer's floancial year shall not exceed 12 months.
(4) Nothing in this section shall prejudice the operation of section 122 of the Companies Ordinance.",
26. Section 88(1) of the principal Ordinance is amended by deleting Amendment of
*ection B& "the 31st day of July next following" and substituting the following-
"4 months after".
27, Section 98(1) of the principal Ordinance is amended by deleting Amendment al
the definition of "stockbroking business" and substituting the following—
ווו
"stockbroking business" mans--
(a) a stockbroker's business of dealing in securities listed or
quoted on a stock exchange;
(b) the administration of any trust, or the carrying on of the business of any company, in conjunction with, or as an adjunct to, a stockbroking business; and
(c) the retention of securities whether for safe-keeping or other-
wise, and whether for specific consideration or otherwise."-
28. Section 107 of the principal Ordinance is amended-
(a) by deleting subsection (2) and substituting the following—
"(2) As soon as practicable after the end of each finan- cial year, the Commission shall notify the contributing stock exchanges in writing of-
(a) the rate of interest to be paid for that financial year in respect of each sum deposited under section 104(a);
(b) the manner and time of payment of that interest;
and
(c) the amount to be charged to meet the expenses incurred or involved in the administration of the compensation fund."; and
(b) by adding. after subsection (2), the following new subsection —
(3) Any fixed deposit receipts or documents relating to the investment of money in securities under subsection (1) may be kept in the office of the Commission or deposited by the Commission for safe-keeping with a licensed bank.".
section 98,
Aarse a derbent of recon 105.
29. Section 109 of the principal Ordinance is amended by deleting Amendment of subsection (1) and substituling the following...
"0) Where in consequence of any act done in the course of or
in connexion with the stockbroking business of a stockbroker, or a member firm or corporale member of a stock exchange, a person has a cause of action against that stockbroker, member firm or corporate
Seadoo 109.
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