1964_SECURITIES_AND_FUTURES_COMMISSION_ORDINANCE — Page 28

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CAP. 24]

Securities and Futures Commission

[1989 Ed.

(3) A member of the Panel shall hold office for such period as the Governor may determine and may resign his office at any time by letter sent to the Governor.

(4) If the office of chairman of the Panel is vacant or the chairman of the Panel is unable to act as chairman of the Panel due to illness or other incapacity or is absent from Hong Kong, the deputy chairman of the Panel shall act as chairman in his place.

19. Appeals (registration, forfeiture and notices)

(1) Where-

(a) an application of a person for registration under Part VI of the

Securities Ordinance (Cap. 333) is refused; or

(b) an application of a person for registration under Part VI of that Ordinance is granted subject to conditions with which he is dissatisfied; or

(c) the deposit of a registered dealer is forfeited under section

52(2)(c) of that Ordinance; or

(d) conditions are attached or amended under section 53A of that Ordinance and the registered person concerned is dissatisfied with the conditions or, as may be appropriate, the amendment; or (e) the registration of any registered person is revoked or suspended

under section 55 or 56 of that Ordinance,

subject to section 21, the person or dealer may appeal to the Panel against the refusal, conditions, forfeiture, revocation or suspension, as the case may be.

(2) Where-

(a) a certificate of registration is issued by the Commission under section 30(2) of the Commodities Trading Ordinance (Cap. 250) subject to conditions; or

(b) the Commission refuses to register an applicant under section 31

or 32 of that Ordinance; or

(c) a deposit is transferred or forfeited by the Commission under

section 33 of that Ordinance; or

(d) conditions are attached or amended under section 33A of that Ordinance and the registered person concerned is dissatisfied with the conditions or, as may be appropriate, the amendment; or (e) the registration of a registered person is revoked or suspended by

the Commission under section 35 or 36 of that Ordinance,

subject to subsection (4) and section 21, a person in relation to whom such conditions are imposed, the applicant whose application is so refused, any person aggrieved by the transfer or forfeiture or the registered person whose registration is so revoked or suspended, as the case may be, may appeal in respect thereof to the Panel.