TNAG-0966-FCO40-1185-Legislation-for-employment-in-Hong-Kong-1980 — Page 32

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Ord. No. 55/80

STOCK EXCHANGES UNIFICATION

Section

Page

PART III

THE UNIFIED EXCHANGE

27.

The Unified Exchange

A303

...

28.

Annual fee for right to operate stock market

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29.

Premises of the Unified Exchange

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PART IV

LIQUIDATION OF EXISTING EXCHANGES

30.

Liquidation of existing exchanges

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...

31.

Financial Secretary may petition for winding up

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32.

Insolvency of existing exchange

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33.

Part V of the Companies Ordinance to apply

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PART V

MISCELLANEOUS

34.

Rules of the Unified Exchange

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35.

Commission to approve proposed rules and amendments to con-

stitution, etc.

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36.

Withdrawal of recognition of the Exchange Company

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37.

Appeal against withdrawal of recognition

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38.

Delegations to committees, etc.

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39.

Commissioner may prosecute

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40.

Extensions of time

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41.

Regulations

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42.

Application of sections 20 and 21 of the Securities Ordinance

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43.

Consequential amendments and transitional provisions ...

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First Schedule

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Second Schedule

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STOCK EXCHANGES UNIFICATION

Ord. No. 55/80

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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 seal.

(2) The powers of the transitional committee shall not be affected by any 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) 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 transitional committee 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 Gazette.

(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 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 earlier

(a) the transitional committee shall be deemed to be suspended; and

(b) the purported exercise of any power or carrying out of any func- tion of the transitional committee 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).

Appointment

of person

to replace transitional committee.

9. (1) Within a period of not less than 3 months nor more than Election of the 4 months after the last date for applications specified under section 19(3), Committee. 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 has taken place within the period specified for such

election in subsection (1); and

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

for such election not having taken place,

cause an election to be held in such manner as he thinks fit.