72
CAP. 333]
Securities
[1989 Ed.
106. Repayment of deposits in certain cases
(1) Where the Exchange Company has deposited a sum of money with the Commission under section 104 in respect of any membership and that membership for any reason ceases, the Commission shall, unless the money is required to satisfy any claims or liabilities arising before such membership ceased, within 6 months after the cessation of such membership, deliver to the Exchange Company the sum deposited in respect thereof.
(2) If any money has been delivered to the Exchange Company pursuant to subsection (1) in respect of any membership, the Exchange Company shall, if the member has satisfied all financial obligations due in respect of such membership from the member to the Exchange Company and is otherwise in good standing with the Exchange Company, deliver the money-
(a) to the member;
(b) where the member has died or is bankrupt, to his personal representative or trustee in bankruptcy, as the case may be; or
(c) where the member is a corporation in liquidation, to the liquidator thereof.
(Replaced 58 of 1985 s. 68)
107. Replenishment of fund in certain cases
(1) Subject to subsection (2), if at any time resort has to be made to any money deposited under section 104 in order to satisfy any claim made against the compensation fund in relation to a stockbroker, the Exchange Company shall, on being required to do so by the Commission, replenish the fund by depositing with the Commission an amount that is equal to that paid in connection with the satisfaction of the claim, including any legal and other expenses paid or incurred in relation to the claim.
(2) The Commission may not require the Exchange Company to make a deposit under subsection (1) in respect of any payment made to satisfy a claim under this Part unless it has first exhausted all relevant rights of action and other legal remedies, conferred by section 118, against the stockbroker, in relation to whom the claim arose.
(3) Any amount required to be deposited under this section may be sued for and recovered by the Commission as a debt in any court of competent jurisdiction.
(Replaced 58 of 1985 s. 68)
108. Payments out of the fund
(1) Subject to this Part, there shall from time to time be paid out of the compensation fund as required and in the following order-
72
CAP. 333]
Securities
[1989 Ed.
106. Repayment of deposits in certain cases
(1) Where the Exchange Company has deposited a sum of money with the Commission under section 104 in respect of any membership and that membership for any reason ceases, the Commission shall, unless the money is required to satisfy any claims or liabilities arising before such membership ceased, within 6 months after the cessation of such membership, deliver to the Exchange Company the sum deposited in respect thereof.
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(2) If any money has been delivered to the Exchange Company pursuant to subsection (1) in respect of any membership, the Exchange Company shall, if the member has satisfied all financial obligations due in respect of such membership from the member to the Exchange Company and is otherwise in good standing with the Exchange Company, deliver the money-
(a) to the member;
(b) where the member has died or is bankrupt, to his personal representative or trustce in bankruptcy, as the case may be; or (c) where the member is a corporation in liquidation, to the
liquidator thereof.
(Replaced 58 of 1985 s. 68)
107. Replenishment of fund in certain cases
(1) Subject to subsection (2), if at any time resort has to be made to any money deposited under section 104 in order to satisfy any claim made against the compensation fund in relation to a stockbroker, the Exchange Company shall, on being required to do so by the Commission, replenish the fund by depositing with the Commission an amount that is equal to that paid in connection with the satisfaction of the claim, including any legal and other expenses paid or incurred in relation to the claim.
(2) The Commission may not require the Exchange Company to make a deposit under subsection (1) in respect of any payment made to satisfy a claim under this Part unless it has first exhausted all relevant rights of action and other legal remedies, conferred by section 118, against the stockbroker, in relation to whom the claim arose.
(3) Any amount required to be deposited under this section may be sued for and recovered by the Commission as a debt in any court of competent jurisdiction.
(Replaced 58 of 1985 s. 68)
108. Payments out of the fund
(1) Subject to this Part, there shall from time to time be paid out of the compensation fund as required and in the following order-
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