1980-HKRS28-16-28_Part04 — Page 19

Appointment

of pron

no replace

Iraurusi lietadl

Election at che Cenoble,

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(b) in the name and on behalf of the Exchange Company may do all acts and execute all deeds, receipts and other documents, and for that purpose may use, when necessary, the Exchange Com pany's real.

(2) The powers of the transitional committee shall not be affected by soy vacancy in the membership of the Council or any irregularity in the appointment of any member thereof.

8. (1) The Financial Secretary may-

(a) on the advice of the Commission; and

(b) it he considers it in the public interest to do so, appoint, by notice in the Gazette, a person to act in place of the transitional committes for such period as is specified in the notice.

(2) Notwithstanding subsection (1), an appointment under that sub- section may be revoked at any time by the Financial Secretary by notice in the Gazelle.

(3) Notwithstanding anything in sections 5, 6 and 7, a person appointed under subsection (1)–

(a) shall have and may exercise any of the powers and carry out any of the functions of the transitional committee under this Ordin- ance; and

(b) in the name and on behalf of the Exchange Company, may do all acts and exccute all deeds, receipts and other documents," and for that purpose may use, when necessary, the Exchange Com- pany's seal.

(4) Upon the appointment of a person under subsection (1) and until such time as his appointment expires or is revoked, whichever is the earlier

(a) the transitional committee shall be deemed to be suspended; and (6) the purported exercise of any power or carrying out of any func

tion of the transitional commitice by any member or members of the transitional committee shall be void.

(5) A person appointed under subsection (1) may, with the approval of the Commission, delegate to any person any of his powers and func tions, other than the power of delegation conferred by this subsection.

(6) A delegation under subsection (5) may be revoked at any time, and no such delegation shall prevent the exercise or performance of any power or function by the person appointed under subsection (1).

9. (1) Within a period of not less than 3 months nor more than 4 months after the last date for applications specified under section 193), the transitional committee shall cause an election to be held by secret ballot for the purpose of electing members of the Committee of the Exchange Company.

(2) The Commissioner may-

(a) if no election bas taken place within the period specified for such

election în subsection (1); and

(b) after consultation with the transitional committee as to the reasons

for such election not having taken place,

cause an olection to be held in such manner sa he thinks fit.

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(3) No person other than a member of the Exchange Company shall be qualified to be a member of the Committee.

(4) The Committee shall have a chairman who--

(a) shall be elected in the first year and in each year thereafter by

secret ballot of members of the Exchange Company; and

(8) may be re-elected, but shall not be elected on more than 2

consecutive occasions.

(5) Subject to this Ordinance and to any other law, the election of the Committee and all matters relating to the Committee shall be governed by the articles of association.

this

age the

STUSLIKE

10. Upon the election of the Committee under section 9 the manage Committee ta ment and control of the Exchange Company shall, subject to Ordinance and to the constitution of the Exchange Company, be vested Company. in the Committee.

11- (1) The Financial Secretary may-

(a) on the advice of the Commission; and

(b) if he considers it in the public interest to do so, appoint, by notice in the Gazette, a person to act in place of the Com- mittee for such period, ending not later than the appointed day, as is specified in the notice.

(3) Notwithstanding subsection (1), an appointment under that sub- section may be revoked at any time by the Financial Secretary by notice in the Gazerre.

(3) Notwithstanding section 10, a person appointed under sub- section (1)

(a) shall have and may excrcise any of the powers and carry out any of the functions of the Committee under this Ordinance or the constitution of the Exchange Company; and

Qy in the name and on behalf of the Exchange Company may de all acts and execute all deeds, receipts and other documents, and for that purpose may use, when necessary, the Exchange Com- pany's seal.

(4) Upon the appointment of a person under subsection (1) and until such time as his appointment expires or is revoked, whichever is the carlier

(a) the Committee shall be deemed to be suspended; and

(6) the purported exercise of any power or carrying out of any function of the Committee by any member or members of the Committee shall be void

Appointe of perpa

19 replace Commliver.

12. Subject to this Ordinance and to any other law, the rights, Membership of Liabilities and privileges of members and associate members of the the Exchange Exchange Company shall be governed by the constitution of the Exchange Company.

13. (1) Subject to subsections (2), (3) and (4), an individual shall not be qualified to be a member or associate member of the Exchange Com- pany if he

Спораду.

Disqualide. en trom

being to individup) member.

(a) is a director or employee of a bank licensed under the Banking (Cap. 155.)

Ordinance to carry on business in Hong Kong: