TNAG-0966-FCO40-1185-Legislation-for-employment-in-Hong-Kong-1980 — Page 40

A310

Ord. No. 55/80

Section

Commissioner may order closure of Unified Exchange in emergencies,

etc.

Publication of direction or order in the Gazette.

Appeal against direction, etc.

STOCK EXCHANGES UNIFICATION

Amendment

(7) Where any direction is issued under sub- section (1) or (2), that direction shall take effect immediately, notwithstanding that an appeal has been made or may be made under section 29.

(8) In this section "authorized officer" means the Commissioner or any police officer.

27. (1) Without prejudice to the powers of the Commission under section 26, the Commis- sioner may, after consultation with the Exchange Company, order that the Unified Exchange be closed for the transaction of dealings in securities for a period not exceeding 5 bank trading days.

(2) The Commissioner may make an order under subsection (1) on the ground that, in his opinion, the orderly transaction of business on the Unified Exchange is being or is likely to be prevented because-

(a) an

emergency or natural disaster has occurred in Hong Kong; or

(b) there exists an economic or financial crisis, whether in Hong Kong or else- where, or any other circumstance, which is likely to prevent orderly trading on the Unified Exchange.

(3) An order made under subsection (1) may be renewed by a further order for a further period of not more than 10 bank trading days.

(4) Any dealer who deals in securities listed on the Unified Exchange while an order made under subsection (1) or (3) is in force (being an order which has been notified to the committee of the Exchange Company) shall be guilty of an offence, and shall be liable on conviction to a fine of $50,000.

(5) Where an order under subsection (1) or (3) has been made, the Commissioner may take such steps as are necessary to secure compliance with the order and may, in particular, cause the premises of the Unified Exchange to be locked and secured.

(6) Any person who, without the authority of the Commissioner, enters or attempts to enter the premises of the Unified Exchange which have been locked and secured under subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine of $20,000.

28. Where the Commission issues any direc- tion under section 26(1) or (2), or the Commis- sioner makes any order under section 27(1) or (3), notice of the direction or order, as the case may be, shall be published in the Gazette.

29. (1) Where--

(a) the Commission has issued a direction

under section 26(1) or (2); or

STOCK EXCHANGES UNIFICATION

Ord. No. 55/80

A311

Section

Amendment

(b) the Disciplinary Committee has imposed any penalty on the Exchange Company, or on any member of the committee of the Exchange Company, pursuant to paragraph (b) or (c) of section 39(2),

the Exchange Company or such member of the committee may, within 14 days-

(i) after the publication in the Gazette of

notice of the direction; or

(ii) after being notified of the decision of the Disciplinary Committee imposing the penalty,

appeal to the Governor in Council against the direction of the Commission or against the deci- sion of the Disciplinary Committee.

(2) After considering any appeal under sub- section (1) the Governor in Council may confirm, reverse or vary the direction of the Commission or the decision of the Disciplinary Committee, as the case may be; and the decision of the Governor in Council shall be final.”.

By repealing the section.

30

Part IV

By repealing the Part.

38(2)(c)

39(1)

39(2)

39(3)

39(4)

39(5)

By deleting "Federation" and substituting "Exchange Com- pany".

1. By deleting "any stock exchange" and substituting "the Exchange Company".

2. By deleting "any such exchange" and substituting "the Exchange Company".

1. By deleting paragraph (a) and substituting the follow- ing-

"(a) recommend to the Commission that it exercise the

powers conferred on it by section 26(2);".

2. In paragraphs (b), (c) and (d), by deleting "stock exchange" wherever it occurs and substituting in each case "Exchange Company",

1. By deleting "any stock exchange" and substituting "the Exchange Company".

2. By deleting "of the exchange" in both places where it occurs and substituting in each case "of the Exchange Company".

1. By deleting "Any stock exchange" and substituting "The Exchange Company".

2. By deleting "a stock exchange" and substituting "the Exchange Company".

By deleting "a stock exchange" and substituting "the Ex- change Company".