1964_COMMODITIES_TRADING_ORDINANCE — Page 58

1989 Ed.]

Commodities Trading

[CAP. 250

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112. Liability of principal for act of agent

For the purposes of this Ordinance an act, omission or failure of any employee, agent or other person acting for or on behalf of any individual, corporation or firm within the scope of his office or employment shall be deemed to be the act, omission or failure of such individual, corporation or firm, as well as of such employee, agent or other person.

113. Provision against syndicated trading

(1) Subject to subsection (4), any dealer or dealer's representative who makes or offers to make a futures contract, whether on his own behalf or otherwise, with two or more individuals, or with a single individual knowing or having reason to believe that the individual is acting on behalf or for the benefit of two or more individuals, shall be guilty of an offence and shall be liable on conviction to a fine of $25,000 and to imprisonment for 1 year.

(2) Subject to subsection (4), any person who invites or offers to arrange for-

(a) any individual to participate in a futures contract in which two or more other individuals also participate or are likely to participate; or

(b) any individual to make a futures contract knowing or having reasonable cause to believe that the individual will do so on behalf or for the benefit of two or more other individuals,

shall be guilty of an offence and shall be liable on conviction to a fine of $25,000 and to imprisonment for 1 year.

(3) For the purposes of subsections (1) and (2)—–—–—–

(a) an individual who makes a futures contract acts for the benefit of

every individual who shares in the profit or loss on the contract; and

(b) an individual participates in a futures contract if he shares in the

profit or loss on the contract.

(4) The Commission may by order published in the Gazette exempt any person or contract or class or description of person or contract from subsections (1) and (2).

114. Prosecution of offences

Without prejudice to the provisions of any other enactment relating to the prosecution of criminal offences and without prejudice to the powers of the Attorney General in relation to the prosecution of such offences, the Commission may institute proceedings in respect of any offence against this Ordinance that is punishable on summary conviction.

(Amended 10 of 1989 s. 65)

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