1964_SECURITIES_(STOCK_EXCHANGE_LISTING)_RULES — Page 8

CAP. 333] Securities (Stock Exchange Listing) Rules

C8

[Subsidiary]

[1989 Ed.

reasonably practicable, that the issuer remedies the default by reason of which the suspension of dealings was directed:

Provided that the Commission shall forthwith permit such dealings unconditionally if it is of the view that there has been no such default;

(b) where the Commission has exercised its powers under rule 9, such conditions as the Commission may consider necessary

to maintain an orderly market in Hong Kong.

(5) In subrule (3) "further representations" means representations either in writing or orally or both in writing and orally as the applicant, issuer or Exchange Company may determine which are submitted within such reasonable time as the Commission may determine.

(6) The functions of the Commission under this rule shall be exercised by a meeting of the Commission and shall not be delegable.

(7) A director of the Commission who made the decision in that exercise of the Commission's powers under rule 4(4), 6, 8 or 9, as may be appropriate, shall not participate in the deliberations or voting of the Commission in the performance of its functions under this rule as regards that exercise of the Commission's powers.

(8) Notwithstanding subrule (7), the director referred to in that subrule may attend any meeting or proceeding of the Commission in the performance of its functions under this rule as regards that exercise of the Commission's powers and may make such explanations of his decision as he thinks necessary.

11. Provisions supplementary to rule 10

(1) At any hearing held by the Commission to receive oral representations made to it under subrule (3) of rule 10 as read with subrule (5) thereof the applicant or issuer, as may be appropriate, or the Exchange Company making such representations shall have the right to be represented by its counsel or solicitor.

(2) Pending the decision of the Commission under rule 10(3)(b) all dealings in the securities concerned shall continue to be suspended unless the Commission, by notice to the Exchange Company, otherwise directs, and any such direction-

(a) may permit such dealings subject to such reasonable conditions,

if any, as the Commission thinks fit to impose;

(b) shall be without prejudice to the exercise by the Commission of

its powers under rule 10(3); and

(c) shall cease to have effect upon the giving of notice of that

decision,

and the Exchange Company shall comply with the direction.