A302
Ord. No. 55/80
Approval and registration
of deeds of trust etc.
STOCK EXCHANGES UNIFICATION
(4) If any member or associate member to whom subsection (1) or (2) applies fails to comply with such subsection, the Exchange Company may, and shall if so directed in writing by the Commissioner, suspend any membership or associate membership to which the failure relates until such time as-
(a) the Exchange Company is satisfied that the member or associate member again complies with the requirements of the subsec- tion; or
(b) the Commissioner revokes the direction,
as the case may be.
(5) For the purposes of this section--
"net capital" means the excess of approved assets over ranking liabilities; "approved assets" and "ranking liabilities" means such assets and liabilities of the member or associate member as are specified to be approved assets and ranking liabilities for the purposes of this section by the Commission by notice in the Gazette;
"stockbroking business" means—
(a) the business of dealing in securities listed or quoted on the Unified Exchange or a foreign stock exchange as a member or associate member of the Exchange Company;
(b) the administration of any trust, or the carrying on of the business of any company, in conjunction with, or as an adjunct to, a business specified in paragraph (a); and
(c) the retention of securities whether for safe keeping or otherwise, and whether for specific consideration or otherwise, in conjunc- tion with or as an adjunct to a business specified in paragraph (a).
26. (1) No person-
(a) being a member or associate member of the Exchange Com-
pany; or
(b) being a partner of a firm that is an associate member,
shall without the prior approval, in writing, of the Exchange Company enter into any deed of trust or other arrangement concerning the financing or pledging, or use that may be made by any other person,
of any membership or associate membership of the Exchange Company held by such member or associate member.
(2) Where a person referred to in subsection (1)(a) or (b), with the approval of the Exchange Company, enters into any deed of trust or other arrangement referred to in that subsection, he shall, within 1 month of so doing, lodge a copy of such deed of trust or of any instrument containing the details of any such arrangement, as the case may be, with both the Committee and the Commissioner, in such form and manner as the Committee and the Commissioner, in each case, may require.
(3) The Committee shall register, in a book kept by it for the purpose, any deed of trust or instrument lodged under subsection (2).
(4) Any person who contravenes subsection (1) or (2) commits an offence and is liable to a fine of $20,000 and to imprisonment for 3 months and, where the offence is a continuing one, to a further fine of $100 for each day on which the offence continues.
(5) Except as provided by this section or any other law, all matters relating to the entering into by members and associate members of deeds of trust or other arrangements referred to in this section shall be governed by the articles of association of the Exchange Company.
STOCK EXCHANGES UNIFICATION
Ord. No. 55/80
A303
PART III
THE UNIFIED EXCHANGE
27. (1) On and after a day to be appointed by the Financial Secretary The Unified by notice in the Gazette, the Exchange Company shall have the exclusive Exchange. 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 Ordinance.
(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. (1) The Exchange Company shall pay to the Government, in Annual fee respect of the exclusive right granted under section 27, such annual fee for right to (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.
operate stock market.
Premises of
the Unified
29. (1) The Exchange Company shall at all times on and after the appointed day maintain to the satisfaction of the Commission adequate Exchange. 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 OF EXISTING EXCHANGES
exchanges.
30. Within year after the appointed day, every existing exchange Liquidation shall, notwithstanding any provision to the contrary in its constitution of existing governing the winding up of the company, commence its voluntary wind- ing up.
31. (1) Notwithstanding anything in the Companies Ordinance, the Financial Financial Secretary may-
Secretary may petition
up.
(a) where an existing exchange fails or refuses to resolve within the for winding
period specified in section 30 that it be wound up voluntarily, or
(Cap. 32.) 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.
of existing
32. If in the course of winding up an existing exchange, the liquidator Insolvency is satisfied that the existing exchange is insolvent, then the liquidation exchange. shall, notwithstanding that a declaration of solvency has been made and delivered in accordance with section 233 of the Companies Ordinance, (Cap. 32.) continue as a creditors' voluntary winding up within the meaning of that section.
No comments yet.
Private notes are available after approval.