TNAG-1765-FCO40-2519-Hong-Kong-stock-market-and-exchange-rate-1989 — Page 44

WHEREAS

HONG KONG FUTURES EXCHANGE LIMITED

RESOLUTION OF THE BOARD OF DIRECTORS

Annex D

The Board is conscious of the need to effect

changes to the constitution and rules both of the Exchange

Company itself and to establish a new subsidiary Clearing

House, Hong Kong Futures Clearing Corporation Limited.

(HKCC) with a separate constitution and rules.

the

It acknowledges the provisions of Section 105 of

Commodities Trading Ordinance (Chapter 250), under

which the Commodities Trading Commission (CTC) may direct

the Exchange Company to amend its rules.

It also acknowledges

the provisions Of

Section 14 of

under

the Commodities Trading Ordinance

(Chapter 250)

which the approval of the CTC is

required for any amendments to the constitution and rules

of the Exchange Company, and

for

the constitution

and

rules of a Clearing House.