1989 Ed.]
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shall be charged against further receipts of the fund and paid out of the fund when there is again money available in the fund.
(2) Where the aggregate of all claims against the compensation fund which have been allowed, or in respect of which orders of the Court have been made, in relation to the default giving rise to the claims exceeds the total amount which may be paid under this Part in respect of the stockbroker or stockbrokers concerned in the default, that total amount shall 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, on payment out of the fund of that total amount in accordance with that apportionment-
(a) all such claims and any order of the Court relating to them; and (b) all other claims which may subsequently arise or be made in
connection with the default,
shall be absolutely discharged.
121. Power of Commission to return contributions
on winding up the Exchange Company
(Amended 58 of 1985 s. 81)
In the event of the Exchange Company being wound up under the Companies Ordinance (Cap. 32), the Commission may, in its absolute discretion, after the satisfaction of all outstanding liabilities against the compensation fund, pay to the liquidator of the Exchange Company the whole or any part of the amounts contributed by the Exchange Company under this Part, together with any income accrued in respect thereof; and on any such payment being made those amounts shall form part of the assets of the Exchange Company and be available to the liquidator for distribution in accordance with the Companies Ordinance (Cap. 32).
(Amended 58 of 1985 s. 82)
121A. Commission may act where committee fails to do so
Notwithstanding anything in this Part, where the Commission is satisfied that the committee of the Exchange Company has-
(a) failed or refused to exercise any of its powers, functions or duties
under this Part; or
(b) unreasonably delayed the making of any determination under
section 113,
it may exercise all or any of the powers, functions or duties of the committee of the Exchange Company under this Part, and any act done or determination made by the Commission pursuant to its powers under this section shall be deemed, for the purposes of this Part, to be an act done or determination made by the committee.
(Added 58 of 1985 s. 83. Amended 10 of 1989 s. 65)
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Page 81
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1989 Ed.]
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shall be charged against further receipts of the fund and paid out of the fund when there is again money available in the fund.
(2) Where the aggregate of all claims against the compensation fund which have been allowed, or in respect of which orders of the Court have been made, in relation to the default giving rise to the claims exceeds the total amount which may be paid under this Part in respect of the stockbroker or stockbrokers concerned in the default, that total amount shall 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, on payment out of the fund of that total amount in accordance with that apportionment-
(a) all such claims and any order of the Court relating to them; and (b) all other claims which may subsequently arise or be made in
connection with the default,
shall be absolutely discharged.
121. Power of Commission to return contributions
on winding up the Exchange Company
(Amended 58 of 1985 s. 81)
In the event of the Exchange Company being wound up under the Companies Ordinance (Cap. 32), the Commission may, in its absolute discretion, after the satisfaction of all outstanding liabilities against the compensation fund, pay to the liquidator of the Exchange Company the whole or any part of the amounts contributed by the Exchange Company under this Part, together with any income accrued in respect thereof; and on any such payment being made those amounts shall form part of the assets of the Exchange Company and be available to the liquidator for distribution in accordance with the Companies Ordinance (Cap. 32).
(Amended 58 of 1985 s. 82)
121A. Commission may act where committee fails to do so
Notwithstanding anything in this Part, where the Commission is satisfied that the committee of the Exchange Company has-
(a) failed or refused to exercise any of its powers, functions or duties
under this Part; or
(b) unreasonably delayed the making of any determination under
section 113,
it may exercise all or any of the powers, functions or duties of the committee of the Exchange Company under this Part, and any act done or determination made by the Commission pursuant to its powers under this section shall be deemed, for the purposes of this Part, to be an act done or determination made by the committee.
(Added 58 of 1985 s. 83. Amended 10 of 1989 s. 65)
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