The Walled Exchange.
Annual Toe for right to DITATE Book Kick
Premises of the Dalicd Bunge.
Liquidation
of Exting
Flanelal Secretary ty petition for windleg
(Can 32,3
Insolvency
of existing exchange.
(Cap. 32)
14
PART II
THE UNIFIED EXCHANGE
27. (1) On and after a day to be appointed by the Financial Secretary by notice in the Gazette, the Exchange Company shall have the exclusive right to establish, operate and maintain a stock market in Hong Kong.
(2) The Financial Secretary shall appoint a day under subsection (1), which shall not be later than 3 years after the date of commencement of this Ordinatice.
(3) The stock market established under subsection (1) shall, for the purposes of this Ordinance, be known as the Unified Exchange.
(4) The members and associate members of the Exchange Company shall be the members of the Unified Exchange.
28. (0) The Exchange Company shall pay to the Goverment, in respect of the exclusive right granted under section 27, such annual fee (if any) as may be determined by the Governor in Council.
(2) The fee determined under subsection (1) shall be payable on the appointed day and on each anniversary of that day thereafter.
29. (1) The Exchange Company shall at all times on and after the appointed day maintain to the satisfaction of the Commission adequate and properly equipped premises for the conduct of the business of the Unified Exchange.
(2) The Exchange Company shall not use any premises for the purposes of a trading floor or for any ancillary purposes or functions of the Unified Exchange without the prior approval of the Commission.
PART IV
LIQUIDATION or Existing Exchanges
30. Wahin 1 year after the appointed day, every existing exchange shall, notwithstanding any provision to the contrary in its constitution governing the winding up of the company, commence its voluntary wind- ing op.
31. (1) Notwithstanding anything in the Companies Ordinance, the Financial Secretary may—e
(a) where an existing exchange fails or refuses to resolve within the period specified in section 30 that it be wound up voluntarily, or fails or refuses to take all necessary steps to commence such voluntary winding up; and
(b) on the recommendation of the Commissioner,
petition the Court for the winding up of the existing exchange.
(2) The existence of any of the circumstances set out in subsection (1)(a) shall be a sufficient ground for the Court to declare that it is just and equitable that the company be wound up,
32. If in the course of winding up an existing exchange, the liquidator is satisfied that the existing exchange is insolvent, then the liquidation shall, notwithstanding that a declaration of solvency has been made and delivered in accordance with section 233 of the Companies Ordinance, continue as a creditors" voluntary winding up within the meaning of that section.
15
33. The provisions of Part V of the Companica Ordinance shall Part V of the apply to a winding up under this Part to the extent that they are not Companica inconsistent with this Part.
PART V
MISCELLANEOUS
Cdicinct bu apply. (Cap. 31.)
34. (1) The Exchange Company may, subject to this Ordinance and Rules of the
Unified Exchange.
To the Securities Ordiuance, make ruler
(a) prescribing listing requirements for the quotation of securities on
the Unified Exchange; and
(b) in respect of such other matters as are necessary or desirable for the proper and efficient operation and management of the Unified Exchange.
(2) The Commission may in writing direct the Exchange Company to make or amend any rules referred to in subsection (1), if, after requesting the Exchange Company to make or amend such rules, the Commission is satisfied that such request has not been complied with.
35. (1) No-
(2) rules under section 34, or any amendment thereto; or (b) amendment to the constitution of the Exchange Company, shall have effect unless approved in writing by the Commission.
(2) Where it is proposed to make-
(a) any rules under section 34, or any amendment thereto; or (6) any amendment to the constitution of the Exchange Company, the Commitee shall forward written notice thereof, together with a copy of such proposed rules or amendment, as the case may be, to the Com- mission for its approval.
(3) The Commission may, within 6 weeks after receipt of a notico under subsection (1), give naties to the Committee that if disallows the whole or any specified part of any such rules or of any amendment thereto, or of any amendment to the constitution; otherwise it shall, in writing, notify the Committee of its approval.
(Cap. 313.)
Commission
10 approve proposed mybes and AUBENDEMENEL TO Codoo,
36. (1) Subject to subsection (2), the Commission may, by notice în Waddrawal of The Gazerte, withdraw its recognition given under section 3 if the Exchange conition of Company
(a) ceases to comply with any requirement specified in subsection (3)
of that section;
(b) faila or ceases to comply with section 28(2), or 29(1) or (2);
(c) fails to comply with a direction under secljon 25(4) or 34(2):
the Exchanae Company.
(o) fails to make any deposit or payment into any compensation fund
established under Part X of the Securities Ordinance in respect of (Cap. 333) the Unified Exchange; or
(e) is being wound up or ceases to operate the Unified Exchange. (2) The Commission shall give to the Exchange Company not leas than 14 days' notice in writing of its intention to withdraw its recognition under subsection (1) and the notice shall specify the grounds therefor.
No comments yet.
Private notes are available after approval.