A298
Ord. No. 55/80
Deposit.
Restriction on right to apply
STOCK EXCHANGES UNIFICATION
(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-
(a) would enable it at the time of making such application; and (b) 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 a representation or statement-
(a) of a matter of fact, either present or past;
(b) about a future event; or
(c) about an existing intention, opinion, belief, knowledge or other
state of mind.
16. (1) An applicant for membership or associate membership of the 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 sum of $20.000 in respect of each associate membership for which application is made.
(2) 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 sum so
deposited.
17. (1) Except as provided by this section, no corporation, firm or individual may, within 3 years after the date of commencement of this for membership. 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.
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STOCK EXCHANGES UNIFICATION
Ord. No. 55/80
A299
(3) Subsection (2) shall not apply to any subscriber to the memo- randum of the Exchange Company in respect of any membership or associate membership of the Exchange Company held as a subscriber.
(4) Subsection (1) shall not apply to any individual to whom it is proposed that a membership or associate membership be transferred under section 18(2).
18. (1) Subject to subsections (2) and (3), no membership or associate Restriction on membership of the Exchange Company may, within 3 years after the date transfer of
membership. of commencement of this Ordinance, be transferred.
(2) Where within the period referred to in subsection (1) a member
or associate member-
(a) dies, or in the case of a firm or corporation is dissolved;
(b) becomes bankrupt or makes an arrangement with his creditors or
assigns his estate for their benefit;
(c) becomes a mentally disordered person or a patient within the
meaning of section 2 of the Mental Health Ordinance;
(d) is expelled from the Exchange Company under the articles of
association; or
(e) satisfies the Committee that there exist exceptional circumstances
which justify the transfer,
the membership or associate membership of such member or associate member may, with the approval of both the Committee and the Com- mission, be transferred to an individual in accordance with this section and the articles of association.
(3) No membership or associate membership shall be transferred under subsection (2) to any individual who-
(a) is a member or associate member of the Exchange Company; or (b) may apply for membership or associate membership of the
Exchange Company under section 17(2),
unless such transferred membership or associate membership is, or is intended to be, in substitution for membership or associate membership already held by such individual, or in substitution for the making of an application by him under section 17(2).
(4) Notwithstanding anything in the constitution of the Exchange Company, any sum received by or on behalf of or payable to the transferor of any membership or associate membership under subsection (2) in excess of the sum paid for such membership or associate membership pursuant to section 16 and to the articles of association shall be paid to and retained by the Exchange Company.
(Cap. 136.)
membership of
19. (1) Subject to subsection (2), the transitional committee shall, Invited within 1 month after the date of commencement of this Ordinance, cause applications for to be sent to every member and associate member of an existing exchange the Exchange who may, under section 17(2), apply for membership or associate member- Company. ship of the Exchange Company, an invitation, in a form approved by the Commission, to apply for membership or associate membership, as may be appropriate, of the Exchange Company in accordance with this Ordinance and with the articles of association.
(2) Where the membership or associate membership of an existing exchange is held-
(a) by the personal representative of a deceased member; or
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