Commodities Trading
[1989 Ed.
(a) allow the amount of the claim or such part of the claim as it
thinks proper;
(b) declare the fact and date of the default and the amount allowed
under paragraph (a); and
(c) direct the Commission to pay to the claimant the amount
declared under paragraph (b).
95. Subrogation of the Commission to rights, etc.
of claimant on payment from the
compensation fund
On the Commission making any payment out of the compensation fund in respect of any claim for compensation under this Part-
(a) the Commission shall be subrogated to the extent of that payment to all the rights and remedies of the claimant in respect of the pecuniary loss sustained by him by reason of the default on which the claim was based together with such interest on that sum as may have been paid by the Commission under section 87(5); and (b) the claimant shall have no right under any bankruptcy or legal proceedings or otherwise to receive in respect of the pecuniary loss any sum out of the assets of the shareholder concerned, or where the pecuniary loss was caused by the default of a director, partner or employee of a shareholder, the assets of that director, partner or employee, until the Commission has been reimbursed the full amount of the payment made by it out of the compensation fund, including any interest paid under section 87(5).
(Amended 61 of 1985 s. 43)
96. Payment of claims from the compensation fund only
No money or other property belonging to the Commission or the Exchange Company, other than the compensation fund, shall be available for the payment of any claim for compensation under this Part, whether the claim is allowed by the Exchange Company or is made the subject of a court order or otherwise.
97. Provision where the compensation
fund is insufficient to meet claims
(1) Where the amount at credit in the compensation fund is insufficient to enable the payment of the whole amount of all claims against it which have been allowed, or in respect of which court orders have been made, under this Part then the amount at credit shall, subject to subsection (2), be apportioned
Commodities Trading
[1989 Ed.
(a) allow the amount of the claim or such part of the claim as it
thinks proper;
(b) declare the fact and date of the default and the amount allowed
under paragraph (a); and
(c) direct the Commission to pay to the claimant the amount
declared under paragraph (b).
95. Subrogation of the Commission to rights, etc.
of claimant on payment from the
compensation fund
On the Commission making any payment out of the compensation fund in respect of any claim for compensation under this Part-
(a) the Commission shall be subrogated to the extent of that payment to all the rights and remedies of the claimant in respect of the pecuniary loss sustained by him by reason of the default on which the claim was based together with such interest on that sum as may have been paid by the Commission under section 87(5); and (b) the claimant shall have no right under any bankruptcy or legal proceedings or otherwise to receive in respect of the pecuniary loss any sum out of the assets of the shareholder concerned, or where the pecuniary loss was caused by the default of a director, partner or employee of a shareholder, the assets of that director, partner or employee, until the Commission has been reimbursed the full amount of the payment made by it out of the com- pensation fund, including any interest paid under section 87(5).
(Amended 61 of 1985 s. 43)
96. Payment of claims from the compensation fund only
No money or other property belonging to the Commission or the Exchange Company, other than the compensation fund, shall be available for the payment of any claim for compensation under this Part, whether the claim is allowed by the Exchange Company or is made the subject of a court order or otherwise.
97. Provision where the compensation
fund is insufficient to meet claims
(1) Where the amount at credit in the compensation fund is insufficient to enable the payment of the whole amount of all claims against it which have been allowed, or in respect of which court orders have been made, under this Part then the amount at credit shall, subject to subsection (2), be apportioned
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