A314
Ord. No. 55/80
Section
105(2)
STOCK EXCHANGES UNIFICATION
Amendment
(4) Any amount due under this section may be sued for and recovered by the Commission as a debt in any court of competent jurisdiction.”.
By deleting "contributing stock exchanges" and substituting "Exchange Company".
106 and 107 By repealing and replacing the sections by the following-
"Repayment of deposits in certain
cases.
Replenishment
of fund in certain cases.
106. (1) Where the Exchange Company has deposited a sum of money with the Commission under section 104 in respect of any membership and that membership for any reason ceases, the Commission shall, unless the money is required to satisfy any claims or liabilities arising before such membership ceased, within 6 months after the cessation of such membership, deliver to the Exchange Company the sum deposited in respect thereof.
(2) If any money has been delivered to the Exchange Company pursuant to subsection (1) in respect of any membership, the Exchange Com- pany shall, if the member has satisfied all financial obligations due in respect of such membership from the member to the Exchange Company and is otherwise in good standing with the Exchange Company, deliver the money—
(a) to the member;
(b) where the member has died or is bank- rupt, to his personal representative or trustee in bankruptcy, as the case may be; or
(c) where the member is a corporation in liquidation, to the liquidator thereof.
107. (1) Subject to subsection (2), if at any time resort has to be made to any money deposited under section 104 in order to satisfy any claim made against the compensation fund in relation to a stockbroker, or to a member firm or corporate member, the Exchange Com- pany shall, on being required to do so by the Commission, replenish the fund by depositing with the Commission an amount that is equal to that paid in connexion with the satisfaction of the claim, including any legal and other expenses paid or incurred in relation to the claim.
(2) The Commission may not require the Exchange Company to make a deposit under subsection (1) in respect of any payment made to satisfy a claim under this Part unless it has first exhausted all relevant rights of action and other legal remedies, conferred by section 118, against the stockbroker, member firm or corporate member in relation to whom or to which the claim arose.
Section
STOCK EXCHANGES UNIFICATION
108(1)
1.
(3)
Amendment
Ord. No. 55/80
A315
(3) Any amount required to be deposited under this section may be sued for and recovered by the Commission as a debt in any court of competent jurisdiction.”.
In paragraph (a), by deleting "Council of the Federa- tion" and substituting "committee of the Exchange Company".
2.
By deleting paragraph (c) and substituting the following- "(c) the amounts of all claims, including costs, allowed by the committee of the Exchange Company or established against the Exchange Company under this Part; and".
By deleting the subsections.
108(2) and
1.
109
110(1)
111(1), (2)
?
and (3)
112(1), (2) and (3)
112(4)
In subsection (1), by deleting "a stock exchange" and substituting "the Exchange Company".
2. In subsection (2), by deleting "a stock exchange" and substituting "the Exchange Company".
3.
In subsection (3), by deleting "$1,000,000" and substitut- ing "$2,000,000".
4. In subsection (4), by deleting "commencement of this Part" and substituting "appointed day".
5. By deleting subsection (5) and substituting the follow- ing-
6.
"(5) Subject to this Part, the amount which any claimant is entitled to claim as compensation from the compensation fund is the amount of the actual pecuniary loss suffered by him, including the reasonable costs of and incidental to the making and proving of his claim.".
In subsection (7), by deleting "a stock exchange" and "the exchange" wherever those expressions occur in para- graphs (a), (b) and (c) and substituting in each case "the Exchange Company".
By deleting "Council of the Federation" and substituting "committee of the Exchange Company".
By deleting "Council of the Federation" wherever it occurs and substituting in each case "committee of the Exchange Company".
By deleting "Council of the Federation" wherever it occurs and substituting in each case "committee of the Exchange Company".
By deleting the subsection and substituting the following—
"(4) An action for damages shall not lie against the Exchange Company or against the committee or any member thereof, or any employee of the Exchange Com- pany by reason of any notice published for the purposes of this section in good faith and without malicë.”.
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