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(Cap. 328.)
(Cap. 50.)
(Сер. 1393
Dequalica-
Kidna od
рестка
DOPOTRE
Omber of
member fun.
Financial INTONA required for memberly.
8
(6) is a director or employer of a deposit-taking company registered
under the Deposit-taking Companies Ordinance;
(d) is a solicitor or a professional accountant (within the meaning of the Professional Accountants Ordinance) in either case holding a current practising certificate, or is a barrister in actual practice; (d) is not a dealer registered under Part VI of the Securities
Ordinance;
(e) is not of good character and integrity,
0
is not a person who was born in Hong Kong or who has been ordinarily resident in Hong Kong for 5 out of the 7 years immediately preceding his application for membership or associate membership of the Exchange Company; or
(g) being an individual who is not otherwise disqualified, falls to
comply with section 15.
(2) Subsection (1) shall apply to the subscribers to the memorandum of the Exchange Company to the extent and in the manner provided by section 24.
G) Subsection (1)(c) shall not apply to any individual who is, at the date of commencement of this Ordinance, a member or associate member of an existing exchange.
(4) Notwithstanding anything in subsection (10) or in the constitu- tion of the Exchange Company, the Commission may, on application made to it in writing by the Exchange Company, authorize the Exchange Com- pany to admit to membership or associate membership an individual who would otherwise be disqualified under subsection (10), if, in the opinion of the Commission, he is a person of good reputation experienced in dealing in securities,
14. (1) A corporation or a firm shall not be qualified to be a member of the Exchange Company.
(2) A corporation or a firm shell not be qualifed to be an associate member of the Exchange Company unless item
(0) was at all times during the period of 6 months immediately pre- coding the date of commencement of this Ordinance an associate member of an existing exchange;
(b) carries on a business solely as a dealer or as a dealer and invest-
ment adviser: and
(c) complies with section 15.
15. (1) An applicant for membership or associate membership of the Exchange Company, being an individual, shall, at the time of making his application, provide proof to the satisfaction of the transitional committee or the Committee, as the case may be, and the Commissioner, that his financial position is such aa-
(a) would enable him at the time of making such application; and
(b) would be likely to enable him, for a long as he remains a
member or associate member,
to comply with the requirements of section 25.
(2) An applicant for associate membership of the Exchange Company, being a corporation or a firm, shall, at the time of making its application, provide proof to the satisfaction of the transitional committee or the Committee, as the case may be, and the Commissioner, that its financial position is such as—
() would enable it at the time of making such application; and (8) would be likely to enable it, for so long as it remains an associate
member,
to comply with the requirements of section 25.
(3) Any person who, for the purposes of complying with the require- ments of subsection (1) or (2), and whether for himself or for any other person, makes any representation, whether in writing, orally or otherwise, which he knows to be false or misleading as to a material particular commits an offence and is liable to a fine of $50,000 and to imprisonment for 6 months.
(4) For the purposes of subsection (3), "representation" means 2 representation or statement-
(2) of a matter of fact, either present or past;
(b) about a future event; or
(c) about an existing intention, opinion, belief, kaowledge or other
state of mind.
16. (1) An applicant for membership or associate membership of the Deposit. Exchange Company shall, at the time of making an application," deposit with the Exchange Company-
(a) in the case of an application for membership, the sum of $40.000 in respect of each membership for which application is made; or (b) in the case of an application for associate membership, the summ of $20,000 in respect of cach associate membership for which application is made.
(3) The Exchange Company shall
(a) if the applicant is accepted for membership or associate member- ship, apply the sum deposited by the applicant under subsection (1) as part payment for the shareholding of the applicant in the Exchange Company; or
(b) if the applicant is rejected, refund to the applicant the tum so
deposited.
17. (1) Except as provided by this section, no corporation, firm or Restriction on individual may, within 3 years after the date of commencement of this rent to apoly Ordinance, apply for membership or associate membership of the Exchange Company.
(2) Subject to subsection (3), every-
(a) member of an existing exchange at the date of commencement of this Ordinance may, in respect of each membership of an existing exchange held by such member at that date, apply for member- ship or associate membership of the Exchange Company;
(b) associate member of an existing exchange at the date of com- mencement of this Ordinance may, in respect of each associate membership of an existing exchange held by such associate mem- ber at that date, apply for associate membership of the Exchange Company.
Far membership.
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