TNAG-1943-FCO40-2769-Stock-market-and-exchange-rate-in-Hong-Kong-1989 — Page 138

(a) to require an Exchange Company or clearing house to

(b)

amend, withdraw or revoke its memorandum or articles of

association in a manner specified by the Commission or to

take a course of action regarding the management, conduct

or operation of its business; and

to prohibit certain acts by an Exchange Company or

clearing house as regards such management, conduct or

operation.

Before serving a restriction notice imposing a requirement or

prohibition under the clause, the Commission must consult the

Financial Secretary and request the Exchange Company or clearing

house concerned to put into effect provisions the effect of which

would be similar to the requirement or prohibition. If the request

relates to its memorandum or articles of association, the Exchange

Company or clearing house must be given 45 days to comply with the

request; if it does not so relate, the Commission can serve the

restriction notice when satisfied that the request has not been

complied with.

Prohibitions may be imposed under this clause for

up to 6 months and may be extended for one or more periods of 3

months. A restriction notice may be enforced by the High Court.

39. Clause 47 empowers the Commission to make suspension

orders regarding the exercise of the functions of a board of

directors or governing body of an Exchange Company or clearing

house, the functions of the members of such board or body or a

committee or sub-committee established by it, or the functions of

the chief executive officer of an Exchange Company or clearing

house.

Where a suspension order is made, the functions to which it