A 4
CAP. 333]
Securities (Miscellaneous) Regulations
[1988 Ed.
[Subsidiary]
reasonable costs of and disbursements incidental to the making and proof of his claim) less the amount or value of all money or other benefits received or receivable by him from any source other than the Commissioner in reduction of the loss.
(4) The Commissioner shall cause to be published in a daily newspaper in the English language and a daily newspaper in the Chinese language published and circulating generally in Hong Kong a notice in the form prescribed in the First Schedule specifying a date, not being earlier than 3 months after publication of the notice, on or before which claims for compensation from the deposit lodged by the dealer specified in the notice may be made.
(5) A claim for compensation may be made in writing to the Commissioner-
(a) if a notice under paragraph (4) has been published, on or before the date specified in the notice; or
(b) if no such notice has been published, within 6 months after the claimant became aware of the default.
(6) The Commissioner shall, subject to these regulations and after such inquiry as he thinks fit-
(a) at any time after the commission of the default in respect of which the claim arose allow any proper claim made in accordance with paragraph (5) and determine the amount payable as compensation (whether or not in excess of $50,000); and
(b) disallow any other claim.
(7) Where all claims made in accordance with paragraph (5) have been dealt with under paragraph (6), the Commissioner shall, as soon as practicable thereafter and subject to paragraph (8), authorize payments from the relevant deposit, in respect of amounts determined under paragraph (6), to the persons whose claims have been allowed.
(8) In authorizing payment under paragraph (7), the Commissioner shall have regard to the following-
(a) if only one amount is determined under paragraph (6) and that amount does not exceed the deposit, that amount is payable in full;
(b) if 2 or more amounts are so determined and those amounts together do not exceed the deposit, those amounts shall be payable in full;
(c) if only one amount is so determined but exceeds the deposit, only so much of the amount as does not exceed the deposit shall be payable;
(d) if 2 or more amounts are so determined and those amounts together exceed the deposit, the total amount payable to all claimants whose claims have been allowed under paragraph (6) shall not exceed the amount of the deposit and each amount so determined shall be abated by the same proportion as the total amounts determined bear to the amount of the deposit.
A 4
CAP. 333]
Securities (Miscellaneous) Regulations
[1988 Ed.
[Subsidiary]
reasonable costs of and disbursements incidental to the making and proof of his claim) less the amount or value of all money or other benefits received or receivable by him from any source other than the Commissioner in reduction of the loss.
(4) The Commissioner shall cause to be published in a daily newspaper in the English language and a daily newspaper in the Chinese language published and circulating generally in Hong Kong a notice in the form prescribed in the First Schedule specifying a date, not being earlier than 3 months after publication of the notice, on or before which claims for compensation from the deposit lodged by the dealer specified in the notice may be made.
(5) A claim for compensation may be made in writing to the Commis- sioner-
(a) if a notice under paragraph (4) has been published, on or before the
date specified in the notice; or
(b) if no such notice has been published, within 6 months after the
claimant became aware of the default.
(6) The Commissioner shall, subject to these regulations and after such inquiry as he thinks fit-
(a) at any time after the commission of the default in respect of which the claim arose allow any proper claim made in accordance with para- graph (5) and determine the amount payable as compensation (whether or not in excess of $50,000); and
(b) disallow any other claim.
(7) Where all claims made in accordance with paragraph (5) have been dealt with under paragraph (6), the Commissioner shall, as soon as practicable thereafter and subject to paragraph (8), authorize payments from the relevant deposit, in respect of amounts determined under paragraph (6), to the persons whose claims have been allowed.
(8) In authorizing payment under paragraph (7), the Commissioner shall have regard to the following-
(a) if only one amount is determined under paragraph (6) and that
amount does not exceed the deposit, that amount is payable in full;
(b) if 2 or more amounts are so determined and those amounts together do not exceed the deposit, those amounts shall be payable in full;
(c) if only one amount is so determined but exceeds the deposit, only so
much of the amount as does not exceed the deposit shall be payable;
(d) if 2 or more amounts are so determined and those amounts together exceed the deposit, the total amount payable to all claimants whose claims have been allowed under paragraph (6) shall not exceed the amount of the deposit and each amount so determined shall be abated by the same proportion as the total amounts determined bear to the amount of the deposit.
No comments yet.
Private notes are available after approval.