1964_SECURITIES_AND_FUTURES_COMMISSION_ORDINANCE — Page 16

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CAP. 24]

Securities and Futures Commission

[1989 Ed.

(2) As regards any function, the Commission may, for the guidance of registered persons and others, prepare and cause to be published in the Gazette guidelines indicating the manner in which, in the absence of any particular consideration or circumstance, it proposes to perform the function.

(3) The Commission may from time to time engage such consultants or advisers as it may consider necessary to assist the Commission in the performance of its functions.

(4) Nothing in subsection (1)(k) shall be regarded as limiting or otherwise affecting any other function of the Commission.

5.

Constitution of Commission

(1) Subject to subsection (2), the Commission shall consist of a chairman appointed by the Governor and such uneven number, not being less than 7, of other directors so appointed as the Governor may determine; and when the number of such other directors ceases to be an uneven number the Governor shall make such appointment or appointments as may be necessary to comply with this subsection.

(2) Half of the directors of the Commission, including the chairman, shall be appointed to be executive directors and the remainder shall be appointed to be non-executive directors.

(3) The Governor may appoint an executive director to be deputy chairman of the Commission.

(4) (a) If no appointment has been made under subsection (3) or if the office of deputy chairman of the Commission is vacant, the Financial Secretary may designate an executive director to act as chairman of the Commission during any period during which the chairman of the Commission is unable to act as chairman due to illness or other incapacity or is absent from Hong Kong.

(b) A designation under this subsection shall cease when revoked by the Financial Secretary or an appointment is made under subsection (3), whichever first occurs.

(5) The terms and conditions of office of a director of the Commission shall be such as the Governor may determine.

(6) A director of the Commission may at any time resign his office by letter sent to the Governor.

(7) A director of the Commission shall be paid by the Commission such remuneration, allowances or expenses as the Governor may determine.

(8) The Governor may by notice in writing remove from office any director of the Commission whose removal appears to him to be desirable for the effective performance by the Commission of its functions.

(9) Meetings of the Commission shall be held as often as may be necessary for the performance of its functions, and may be convened by the chairman or the deputy chairman or any 2 other directors.