1964_SECURITIES_ORDINANCE — Page 36

1989 Ed.]

Securities

[CAP. 333

35

1

(i) any partner by agreement ceases to be a partner or a further partner is admitted to the partnership;

(ii) the registration of any partner, being a registered dealer or registered investment adviser, is revoked under section 55 or 56; or

(iii) any partner dies, is expelled, becomes bankrupt or, being a corporation, goes into liquidation or is ordered to be wound up; or

(b) any registered dealing partnership or registered investment advisers' partnership is dissolved by order of court,

and any former or remaining partners or, where a further partner is admitted to the partnership, the former partners and the new partner, desire to continue in partnership the business of dealing in securities or, as the case may be, carrying on the business of an investment adviser, they may notify the Commission in writing of this intention.

(2) Where notice is given under subsection (1), any new partnership formed for the purpose of continuing in partnership the business of dealing in securities or, as the case may be, the business of an investment adviser of a previous partnership, and any continuing partnership, shall be deemed to be a registered dealing partnership or registered investment advisers' partnership, as the case may be, until and unless the Commission in writing otherwise directs and, until and unless such partners give such notification, such partnership shall not be deemed to be so registered.

(3) The direction of the Commission under subsection (2) may permit the new or continuing partnership to carry on business subject to such conditions, being conditions reasonable in the circumstances as the Commission may think fit to impose and, without derogation from the generality of the foregoing, such conditions may require the continuing or new partnership to apply for registration under this Part, or to again apply for such registration, within such time as may be specified, failing which it shall no longer be deemed to be registered under this Part, and further provide that such partnership shall no longer be deemed to be so registered, should such application be unsuccessful.

(4) Any notice by a partnership under subsection (1) shall, if it gives particulars of any facts required to be notified under section 63, be deemed sufficient notice for the purposes of that section.

(Added 58 of 1985 s. 12. Amended 10 of 1989 s. 65)

55. Revocation and suspension of certificates of registration in certain cases

(1) Where any registered person-

(a) being an individual, dies; or