1964_SECURITIES_AND_FUTURES_COMMISSION_ORDINANCE — Page 72

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CAP. 24]

Securities and Futures Commission

[1989 Ed.

42. Provisions relating to notices under

section 39, 40, 41 or 43

(1) A notice under section 39, 40 or 41 shall remain in force until it is withdrawn by the Commission under section 43 by a further notice.

(2) The power under section 39, 40 or 41 to impose, or under section 43 to withdraw, substitute or vary, a prohibition or requirement shall be exercisable by written notice served by the Commission on the person concerned, and any such notice shall take effect at such time as is specified in the notice or the time when it is served, whichever is the later.

(3) A notice-

(a) imposing a prohibition or a requirement under section 39, 40 or

41; or

(b) under section 43(1) substituting or varying such a prohibition or

requirement; or

(c) under section 43(2),

shall be accompanied by a statement in writing of the reasons why the prohibition or requirement was imposed, substituted or varied, as the case may be, or the relevant application was refused.

(4) Where the reasons stated in a notice to which subsection (3) applies relate specifically to matters which-

(a) refer to a person who is identified in the notice but who is not a person on or in respect of whom the relevant prohibition or requirement was imposed; and

(b) are, in the opinion of the Commission, prejudicial to that person

in any respect,

the Commission shall, if possible, serve a copy of the notice on that person.

(5) The Commission may cause to be published in the Gazette a prohibition or requirement imposed under section 39, 40 or 41 or a withdrawal, substitution or variation under section 43 of any such prohibition or requirement and where any such prohibition or requirement is so published, the Commission shall also cause to be so published any subsequent withdrawal, substitution or variation of the prohibition or requirement.

(6) Any notice published under subsection (5) may, if the Commission thinks fit, include a statement of the reasons for which the relevant prohibition or requirement was imposed, withdrawn, substituted or varied.

(7) (a) Nothing in sections 38 to 44 or any notice served under section

39, 40 or 41 shall render any contract unenforceable by any party thereto if he proves that in entering into the contract he acted in good faith and, as regards any notice so received, was unaware of the notice.

(b) Where by virtue of anything contained in a section or notice referred to in paragraph (a) a person rescinds a contract, he shall restore to any other party to the contract any money or other

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