1989 Ed.]
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(b) the expenses incurred in the administration of the compensation fund which are not recovered pursuant to section 83(2);
(ba) any return or profit paid to the Exchange Company under section 83(2)(b); (Added 61 of 1985 s. 37)
(bb) interest on any sum borrowed under section 79(2); (Added 61 of 1985 s. 37)
(c) the amounts of all claims, including costs, allowed by the Exchange Company or established against the Exchange Company under this Part; and
(d) all other amounts payable out of the compensation fund in accordance with this Part.
(Amended 61 of 1985 s. 37)
87. Claims against the compensation fund
(1) Subject to subsection (6), where a person whether in Hong Kong or elsewhere sustains pecuniary loss because of a default committed in the course of or in connection with the commodity futures trading business on the Commodity Exchange of a shareholder by the shareholder or by any director, partner or employee, as the case may be, of the shareholder in respect of any money, futures contract or other property-
(a) which was entrusted to or received by the shareholder or any director, partner or employee of the shareholder, for or on behalf of that person; and
(b) to which that person is entitled or in which he has a beneficial interest (whether existing or contingent),
he shall be entitled, subject to this Part, to claim compensation from the compensation fund for such pecuniary loss. (Amended 61 of 1985 s. 38)
(2) Subsection (1) does not entitle any shareholder to make a claim against the compensation fund.
(3) Subject to this section and to section 90(6), the total amount of compensation that may be paid out of the compensation fund in respect of any shareholder consequent on a default by that shareholder shall not exceed $2,000,000 which shall cover-
(a) all claims arising out of that default; and
(b) all claims arising out of any earlier default by that shareholder which have not been the subject of a determination under section 90. (Replaced 61 of 1985 s. 38)
(4) Subject to subsection (3), the amount of compensation which any person is entitled to claim from the compensation fund is the amount of the actual pecuniary loss suffered by him (including the reasonable costs of and disbursements incidental to the making and proving of his claim) less any
1989 Ed.]
Commodities Trading
[CAP. 250
45
(b) the expenses incurred in the administration of the compensation
fund which are not recovered pursuant to section 83(2);
(ba) any return or profit paid to the Exchange Company under
section 83(2)(b); (Added 61 of 1985 s. 37)
(bb) interest on any sum borrowed under section 79(2); (Added 61 of
1985 s. 37)
(c) the amounts of all claims, including costs, allowed by the Exchange Company or established against the Exchange Company under this Part; and
(d) all other amounts payable out of the compensation fund in
accordance with this Part.
(Amended 61 of 1985 s. 37)
87. Claims against the compensation fund
(1) Subject to subsection (6), where a person whether in Hong Kong or elsewhere sustains pecuniary loss because of a default committed in the course of or in connection with the commodity futures trading business on the Commodity Exchange of a shareholder by the shareholder or by any director, partner or employee, as the case may be, of the shareholder in respect of any money, futures contract or other property-
(a) which was entrusted to or received by the shareholder or any director, partner or employee of the shareholder, for or on behalf of that person; and
(b) to which that person is entitled or in which he has a beneficial
interest (whether existing or contingent),
he shall be entitled, subject to this Part, to claim compensation from the compensation fund for such pecuniary loss. (Amended 61 of 1985 s. 38)
(2) Subsection (1) does not entitle any shareholder to make a claim against the compensation fund.
(3) Subject to this section and to section 90(6), the total amount of compensation that may be paid out of the compensation fund in respect of any shareholder consequent on a default by that shareholder shall not exceed $2,000,000 which shall cover-
(a) all claims arising out of that default; and
(b) all claims arising out of any earlier default by that shareholder which have not been the subject of a determination under sec- tion 90. (Replaced 61 of 1985 s. 38)
(4) Subject to subsection (3), the amount of compensation which any person is entitled to claim from the compensation fund is the amount of the actual pecuniary loss suffered by him (including the reasonable costs of and disbursements incidental to the making and proving of his claim) less any
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