1989 Ed.]
Securities
[CAP. 333
61
(5) A dealer shall retain—
(a) for a period of not less than 6 years, the records referred to in subsection (1); and
(b) for a period of not less than 2 years—
(i) each contract note received by him or made out to himself as principal; and
(ii) a copy of each contract note made out by him as agent.
(6) An entry in the accounting and other records of a dealer kept in accordance with this section shall be deemed to have been made by, or with the authority of, the dealer.
(7) Where matter that is intended to be used in connection with the keeping of a record referred to in this section is recorded or stored by means of a mechanical device, an electronic device, or any other device in an illegible form, a person who wilfully—
(a) records or stores in that device matter that he knows to be false or misleading in a material particular;
(b) destroys, removes, or falsifies matter that is recorded or stored in that device; or
(c) fails to record or store matter in that device with intent to falsify any entry made or intended to be compiled, wholly or in part, from that matter,
shall be guilty of an offence and shall be liable on conviction to a fine of $10,000 and to imprisonment for 6 months.
(8) For the purposes of this section, a record required to be kept by a dealer may be kept either by making entries in a bound book or by recording the relevant matters in any other manner.
(9) Where a record required by this section to be kept is not kept by making entries in a bound book but by some other means, the dealer shall take reasonable precautions for guarding against falsification and for facilitating discovery of any falsification.
(10) Notwithstanding any other provision of this section, a dealer shall not be deemed to have failed to keep a record referred to in subsection (1) by reason only that the record is kept as a part of, or in conjunction with, the records relating to any business other than dealing in securities that is carried on by him.
84. Certain money received by dealer to be paid into a trust account
(1) A dealer shall establish and keep at a licensed bank one or more trust accounts designated or evidenced as such into which he shall pay—
(a) all amounts (less brokerage and other proper charges) which are received for or on account of any person (other than a stockbroker) from the sale of securities, except those amounts
1989 Ed.]
Securities
[CAP. 333
61
(5) A dealer shall retain—
(a) for a period of not less than 6 years, the records referred to in
subsection (1); and
(b) for a period of not less than 2 years-
(i) each contract note received by him or made out to himself as
principal; and
(ii) a copy of each contract note made out by him as agent.
(6) An entry in the accounting and other records of a dealer kept in accordance with this section shall be deemed to have been made by, or with the authority of, the dealer.
(7) Where matter that is intended to be used in connection with the keeping of a record referred to in this section is recorded or stored by means of a mechanical device, an electronic device, or any other device in an illegible form, a person who wilfully-
(a) records or stores in that device matter that he knows to be false
or misleading in a material particular;
(b) destroys, removes, or falsifies matter that is recorded or stored in
that device; or
(c) fails to record or store matter in that device with intent to falsify any entry made or intended to be complied, wholly or in part, from that matter,
shall be guilty of an offence and shall be liable on conviction to a fine of $10,000 and to imprisonment for 6 months.
(8) For the purposes of this section, a record required to be kept by a dealer may be kept either by making entries in a bound book or by recording the relevant matters in any other manner.
(9) Where a record required by this section to be kept is not kept by making entries in a bound book but by some other means, the dealer shall take reasonable precautions for guarding against falsification and for facilitating discovery of any falsification.
(10) Notwithstanding any other provision of this section, a dealer shall not be deemed to have failed to keep a record referred to in subsection (1) by reason only that the record is kept as a part of, or in conjunction with, the records relating to any business other than dealing in securities that is carried on by him.
84. Certain money received by dealer
to be paid into a trust account
(1) A dealer shall establish and keep at a licensed bank one or more trust accounts designated or evidenced as such into which he shall pay-
(a) all amounts (less brokerage and other proper charges) which are received for or on account of any person (other than a stockbroker) from the sale of securities, except those amounts
No comments yet.
Private notes are available after approval.