1964_COMMODITIES_TRADING_ORDINANCE — Page 12

1989 Ed.]

Commodities Trading

Greeks

[CAP. 250

11

64/9052

(3) The Commission shall, within 14 days after the receipt of any submission under subsection (2), give notice in writing to the Exchange Company of

(a) its approval of; or

(b) its refusal to approve,

the constitution or amendment of the constitution, rules or amendment of the rules, as the case may be, or any part thereof.

(Amended 61 of 1985 s. 5)

15. Appointment of chief executive of Exchange Company to be approved by Commission

No appointment of a person as chief executive of an Exchange Company shall have effect unless such appointment is approved by the Commission.

16. Restriction on business in a commodity market

(Added 10 of 1989 s. 65)

Unless otherwise authorized in writing by the Commission, the trading in commodity futures contracts in a commodity market shall be in respect of specified commodities only.

17. Disqualifications from becoming or remaining shareholders

(1) A corporation shall only be entitled to become or remain a shareholder if it is incorporated in Hong Kong.

(2) A corporation which engages in any other business than that of trading-

(a) in commodity futures contracts;

(b) on the Commodity Exchange; or

(c) for spot or deferred delivery in any specified commodity which is capable of being delivered,

shall not be entitled to become or remain a shareholder.

(3) A firm shall not be entitled to become or remain a shareholder if-

(a) any partner in the firm is a corporation; and

(b) that corporation is not entitled under subsection (1) or (2) to become or remain a shareholder.

18. Revocation of licence issued under section 13

(Replaced 61 of 1985 s. 7)

(1) Subject to subsection (2), the Commission may revoke the licence issued under section 13 if the Exchange Company-