46
CAP. 250]
Commodities Trading
[1989 Ed.
amount or value of money or other benefits received or receivable by him in reduction of the loss from any source other than the compensation fund. (Amended 61 of 1985 s. 38)
(4A) For the avoidance of doubt it is hereby declared that it shall not be a ground for refusing payment of compensation to a person under this part that the person has not exhausted all relevant rights of action and other legal remedies against the shareholder in relation to whom the claim arose. (Added 61 of 1985 s. 38)
(5) Where compensation is paid out of the compensation fund under this Part, interest at such rate and in respect of such period as the Commission may determine shall be payable to the claimant on the total amount of compensation so paid, but excluding the costs and disbursements referred to in subsection (4). (Replaced 61 of 1985 s. 38)
(6) Subsection (1) shall not apply where the default occurs prior to the commencement of this section.
88. Rights of innocent directors, etc. in relation
to the compensation fund
(1) Notwithstanding anything to the contrary in this Part, where all persons submitting claims for compensation under this Part have been fully compensated in accordance with the provisions of this Part for the pecuniary loss sustained by them as a result of the default by a director, partner or employee of a shareholder, the shareholder or any other director, partner or employee of the shareholder, who has paid the compensation to any claimant shall be subrogated to the extent of that payment to all the rights and remedies of that claimant against the compensation fund if the Exchange Company considers, having regard to all the circumstances, that he-
(a) was in no way a party to the default in question; and
(b) acted honestly and reasonably in the matter.
(2) The Exchange Company shall notify in writing the shareholder or director, partner or employee of the shareholder referred to in subsection (1) the decision made by it under that subsection.
(3) If a shareholder or any director, partner or employee of a shareholder is aggrieved by the decision of the Exchange Company under subsection (1), he may, within 28 days after receipt of notice of the decision, appeal to the Commission against the decision.
(4) An appellant shall, on the same day as lodging a notice of appeal with the Commission, lodge a copy of the notice with the Exchange Company.
(5) The Commission shall inquire into and decide on the appeal and, if the Commission considers that having regard to all the circumstances, the appellant-
(a) was in no way a party to the default in question; and
46
CAP. 250]
Commodities Trading
[1989 Ed.
amount or value of money or other benefits received or receivable by him in reduction of the loss from any source other than the compensation fund. (Amended 61 of 1985 s. 38)
(4A) For the avoidance of doubt it is hereby declared that it shall not be a ground for refusing payment of compensation to a person under this part that the person has not exhausted all relevant rights of action and other legal remedies against the shareholder in relation to whom the claim arose. (Added 61 of 1985 s. 38)
(5) Where compensation is paid out of the compensation fund under this Part, interest at such rate and in respect of such period as the Commission may determine shall be payable to the claimant on the total amount of compensation so paid, but excluding the costs and disbursements referred to in subsection (4). (Replaced 61 of 1985 s. 38)
(6) Subsection (1) shall not apply where the default occurs prior to the commencement of this section.
88. Rights of innocent directors, etc. in relation
to the compensation fund
(1) Notwithstanding anything to the contrary in this Part, where all persons submitting claims for compensation under this Part have been fully compensated in accordance with the provisions of this Part for the pecuniary loss sustained by them as a result of the default by a director, partner or employee of a shareholder, the shareholder or any other director, partner or employee of the shareholder, who has paid the compensation to any claimant shall be subrogated to the extent of that payment to all the rights and remedies of that claimant against the compensation fund if the Exchange Company considers, having regard to all the circumstances, that he-
(a) was in no way a party to the default in question; and
(b) acted honestly and reasonably in the matter.
(2) The Exchange Company shall notify in writing the shareholder or director, partner or employee of the shareholder referred to in subsection (1) the decision made by it under that subsection.
(3) If a shareholder or any director, partner or employee of a shareholder is aggrieved by the decision of the Exchange Company under subsection (1), he may, within 28 days after receipt of notice of the decision, appeal to the Commission against the decision.
(4) An appellant shall, on the same day as lodging a notice of appeal with the Commission, lodge a copy of the notice with the Exchange Company.
(5) The Commission shall inquire into and decide on the appeal and, if the Commission considers that having regard to all the circumstances, the appellant-
(a) was in no way a party to the default in question; and
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