1964_SECURITIES_ORDINANCE — Page 64

1989 Ed.]

Securities

[CAP. 333

63

to be paid or taken in execution under the order or process of any court of competent jurisdiction.

(2) Any payment made in contravention of subsection (1) shall be void ab initio, and no person to whom the money is paid shall obtain any title to it.

86. Claims and liens not affected

Nothing in this Part shall be construed as taking away or affecting any lawful claim or lien which any person has in respect of any money held in a trust account or in respect of any money received for the purchase of securities or from the sale of securities before the money is paid into a trust account.

87. Dealer to appoint auditor

(1) A dealer shall appoint an auditor to audit his accounts (including all trust accounts required to be kept by the dealer under section 84) and, where for any reason the auditor ceases to act for the dealer, the dealer shall, as soon as practicable thereafter, appoint another auditor to replace him.

(2) A person is not eligible for appointment under subsection (1) if

(a) he is a servant of the dealer or is in the employment of any such

servant;

(b) where the dealer is a partnership, he is a member of the

partnership or in the employment of any such member;

(c) where the dealer is a corporation, he is an officer of the

corporation or is in the employment of any such officer; or (d) he belongs to any other class of persons prescribed in regulations

for the purposes of this paragraph.

87A. Dealer's financial year

(1) A dealer shall--

(a) within 1 month after the date on which this section commences;

or

(b) if he is not registered at that date, within 1 month after the issue

to him of a certificate of registration under section 51,

notify the Commission in writing of the date on which his financial year ends.

(2) On application in writing by a dealer, the Commission may, subject to such conditions as it thinks fit, grant permission to the dealer to alter his financial year.

(3) Except with the written permission of the Commission, the period of a dealer's financial year shall not exceed 12 months.

(4) Nothing in this section shall prejudice the operation of section 122 of the Companies Ordinance (Cap. 32).

(Added 62 of 1976 s. 25)