78
CAP. 333]
Securities
[1989 Ed.
(a) allow the amount of the claim or such part of the claim as it
thinks proper;
(b) declare the fact and date of the default and the amount allowed
under paragraph (a); and
(c) direct the Commission to pay to the claimant the amount
declared under paragraph (b).
118. Subrogation of the Commission to rights, etc.,
of claimant on payment from fund
(Amended 58 of 1985 s. 78)
On the Commission making any payment out of the compensation fund in respect of any claim under this Part,-
(a) the Commission shall be subrogated to the extent of that payment to all the rights and remedies of the claimant in relation to the loss sustained by him by reason of the default on which the claim was based; and
(b) the claimant shall have no right in bankruptcy or winding up or by legal proceedings or otherwise to receive in respect of the loss any sum out of the assets of the stockbroker concerned or any dealing partnership in which he is a partner, or where the loss was caused by the defalcation, fraud or misfeasance of a servant or partner of the stockbroker, the assets of that servant or partner, until the Commission has been reimbursed the full amount of its payment. (Replaced 58 of 1985 s. 79)
119. Payment of claims only from the fund
No money or other property belonging to the Commission or to the Exchange Company, other than the compensation fund, shall be available for the payment of any claim under this Part, whether the claim is allowed by the committee of the Exchange Company or is made the subject of an order of the Court or otherwise.
(Amended 58 of 1985 s. 80)
120. Provision where fund is insufficient to meet claims
or where claims exceed total amount payable
(1) Where the amount at credit in the compensation fund is insufficient to enable the payment of the whole amount of all claims against it which have been allowed or in respect of which orders have been made, then the amount at credit shall, subject to subsection (2), be apportioned between the claimants in such manner as the committee of the Exchange Company or, as the case may be, the Court thinks equitable; and any such claim, so far as it remains unpaid,
78
CAP. 333]
Securities
[1989 Ed.
(a) allow the amount of the claim or such part of the claim as it
thinks proper;
(b) declare the fact and date of the default and the amount allowed
under paragraph (a); and
(c) direct the Commission to pay to the claimant the amount
declared under paragraph (b).
118. Subrogation of the Commission to rights, etc.,
of claimant on payment from fund
(Amended 58 of 1985 s. 78)
On the Commission making any payment out of the compensation fund in respect of any claim under this Part,-
(a) the Commission shall be subrogated to the extent of that payment to all the rights and remedies of the claimant in relation to the loss sustained by him by reason of the default on which the claim was based; and
(b) the claimant shall have no right in bankruptcy or winding up or by legal proceedings or otherwise to receive in respect of the loss any sum out of the assets of the stockbroker concerned or any dealing partnership in which he is a partner, or where the loss was caused by the defalcation, fraud or misfeasance of a servant or partner of the stockbroker, the assets of that servant or partner, until the Commission has been reimbursed the full amount of its payment. (Replaced 58 of 1985 s. 79)
119. Payment of claims only from the fund
No money or other property belonging to the Commission or to the Exchange Company, other than the compensation fund, shall be available for the payment of any claim under this Part, whether the claim is allowed by the committee of the Exchange Company or is made the subject of an order of the Court or otherwise.
(Amended 58 of 1985 s. 80)
120. Provision where fund is insufficient to meet claims
or where claims exceed total amount payable
(1) Where the amount at credit in the compensation fund is insufficient to enable the payment of the whole amount of all claims against it which have been allowed or in respect of which orders have been made, then the amount at credit shall, subject to subsection (2), be apportioned between the claimants in such manner as the committee of the Exchange Company or, as the case may be, the Court thinks equitable; and any such claim, so far as it remains unpaid,
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