1964_SECURITIES_ORDINANCE — Page 37

36

CAP. 333]

Securities

[1989 Ed.

(b) being a corporation or, subject to section 54A, a partnership, is dissolved, (Replaced 58 of 1985 s. 13)

the registration of that person is deemed to be revoked.

(2) The Commission may revoke the registration of a registered person or, if it thinks it appropriate to do so, suspend the registration of such a person for such time, or until the happening of such event, as it may determine—

(a) in the case of a registered person who is an individual, if that person-

(i) suffers or appears to suffer from mental disorder within the meaning of the Mental Health Ordinance (Cap. 136); (Replaced 46 of 1988 s. 33)

(ii) has committed such an act of bankruptcy as is described in section 3(1) of the Bankruptcy Ordinance (Cap. 6) or has entered into any compromise or scheme of arrangement with his creditors; (Replaced 58 of 1985 s. 13)

(iii) is convicted, whether in Hong Kong or elsewhere, of an offence the conviction for which necessarily involved a finding that he acted fraudulently or dishonestly;

(iv) is convicted of an offence against this Ordinance;

(v) ceases to carry on business in Hong Kong; or

(vi) is registered as a representative and the registration of the dealer or investment adviser, in relation to whom the certificate of registration of the representative was granted, is revoked or suspended; or

(b) in the case of a registered person that is a corporation if-

(i) the corporation goes into liquidation or is ordered to be wound up;

(ii) a receiver or manager of the property of the corporation is appointed;

(iii) the corporation has ceased to carry on business;

(iv) a levy of execution in respect of the corporation has not been satisfied;

(v) the corporation has entered into a compromise or scheme of arrangement with its creditors;

(vi) any director of the corporation is convicted, whether in Hong Kong or elsewhere, of an offence the conviction for which necessarily involved a finding that he acted fraudulently or dishonestly;

(vii) any director of the corporation is convicted of an offence against this Ordinance;

(viii) a director, secretary, or other person concerned in the management of the corporation who is required to be registered under this Part is not so registered or the registration is revoked or suspended.