34
CAP. 250]
Commodities Trading
[1989 Ed.
(2) Where the Commission is of the opinion that the whole or any part of the costs and expenses of an auditor appointed by it under subsection (1) should be borne by the dealer, the Commission may, by order in writing, direct the dealer to pay a specified amount, being the whole or part of such costs and expenses, within the time and in the manner specified.
(3) Where a dealer fails to comply with an order under subsection (2), the amount specified in the order may be sued for and recovered by the Commission as a debt in a court.
53. Power of Commission to appoint an
auditor on application of client
(Amended 10 of 1989 s. 65)
(1) On receipt of an application in writing from a client who alleges that a dealer has failed to account to him in respect of any money held or received, or any futures contract bought or sold, by the dealer for him or on his behalf, the Commission may, after first giving the dealer an opportunity to give an explanation of the failure, appoint in writing an auditor to examine and audit, either generally or in relation to any particular matter, the books, accounts and records of that dealer.
(2) Every application under subsection (1) shall state--
(a) the particulars of the circumstances in respect of which the dealer
is alleged to have failed to account;
(b) the particulars of the moneys and the dealings in futures
contracts in respect of which the failure has occurred; and
(c) such other particulars as the Commission may require.
(3) The statements in an application under subsection (1) shall be verified by a statutory declaration made by the applicant and shall, if made in good faith and without malice, be privileged.
(4) The Commission shall not appoint an auditor under subsection (1) unless it is satisfied that-
(a) the applicant has a good reason for making the application; and (b) it is in the interests of the dealer, applicant or general public that the books, accounts and records of the dealer should be examined, audited and reported on.
(5) Where the Commission is of the opinion that the whole or any part of the costs and expenses of an auditor appointed by it under subsection (1) should be borne by the dealer or applicant, the Commission may, by order in writing, direct the dealer or applicant to pay a specified amount, being the whole or part of such costs and expenses, within the time and in the manner specified.
(6) Where a dealer or applicant fails to comply with an order under subsection (5), the amount specified in the order may be sued for and recovered by the Commission as a debt in a court.
(Amended 10 of 1989 s. 65)
Page 36
34
CAP. 250]
Commodities Trading
[1989 Ed.
(2) Where the Commission is of the opinion that the whole or any part of the costs and expenses of an auditor appointed by it under subsection (1) should be borne by the dealer, the Commission may, by order in writing, direct the dealer to pay a specified amount, being the whole or part of such costs and expenses, within the time and in the manner specified.
(3) Where a dealer fails to comply with an order under subsection (2), the amount specified in the order may be sued for and recovered by the Commission as a debt in a court.
53. Power of Commission to appoint an
auditor on application of client
(Amended 10 of 1989 s. 65)
(1) On receipt of an application in writing from a client who alleges that a dealer has failed to account to him in respect of any money held or received, or any futures contract bought or sold, by the dealer for him or on his behalf, the Commission may, after first giving the dealer an opportunity to give an explanation of the failure, appoint in writing an auditor to examine and audit, either generally or in relation to any particular matter, the books, accounts and records of that dealer.
(2) Every application under subsection (1) shall state--
(a) the particulars of the circumstances in respect of which the dealer
is alleged to have failed to account;
(b) the particulars of the moneys and the dealings in futures
contracts in respect of which the failure has occurred; and
(c) such other particulars as the Commission may require.
(3) The statements in an application under subsection (1) shall be verified by a statutory declaration made by the applicant and shall, if made in good faith and without malice, be privileged.
(4) The Commission shall not appoint an auditor under subsection (1) unless it is satisfied that-
(a) the applicant has a good reason for making the application; and (b) it is in the interests of the dealer, applicant or general public that the books, accounts and records of the dealer should be examined, audited and reported on.
(5) Where the Commission is of the opinion that the whole or any part of the costs and expenses of an auditor appointed by it under subsection (1) should be borne by the dealer or applicant, the Commission may, by order in writing, direct the dealer or applicant to pay a specified amount, being the whole or part of such costs and expenses, within the time and in the manner specified.
(6) Where a dealer or applicant fails to comply with an order under subsection (5), the amount specified in the order may be sued for and recovered by the Commission as a debt in a court.
(Amended 10 of 1989 s. 65)
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}Page 36
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