1964_SUPREME_COURT_ORDINANCE — Page 58

1989 Ed.]

Supreme Court

[CAP. 4

57

55C. Rules as to stop orders and notices

(1) In this section--

"stop order" means an order of the High Court prohibiting the taking, in respect of any of the securities specified in the order, of any of the steps mentioned in subsection (4);

"stop notice" means a notice requiring any person on whom it is duly served to refrain from taking, in respect of any of the securities specified in the notice, any of the steps mentioned in subsection (4) without first notifying the person by whom, or on whose behalf, the notice was served; and "prescribed securities" means securities (including funds in court) of a kind prescribed by rules of court made by virtue of this section.

(2) The power to make rules of court under section 54 shall include power by any such rules to make provision-

(a) for the Court to make a stop order on the application of any person claiming to be entitled to an interest in prescribed securities; and

(b) for the service of a stop notice by any person claiming to be entitled to an interest in prescribed securities.

(3) Rules of court made by virtue of this section shall prescribe the person on whom a copy of any stop order or stop notice is to be served.

(4) The steps mentioned in subsection (1) are-

(a) the registration of any transfer of the securities;

(b) in the case of funds in court, the transfer, sale, delivery out, payment or other dealing with the funds, or of the income thereon;

(c) the making of any payment by way of dividend, interest or otherwise in respect of the securities; and

(d) in the case of a unit trust, any acquisition of or other dealing with the units by any person or body exercising functions under the trust.

(5) Any rules of court made by virtue of this section may include such incidental, supplemental and consequential provisions as the Rules Committee considers necessary or expedient, and may make different provision in relation to different cases or classes of case.

(Added 52 of 1987 s. 42) [cf. 1979 c. 53 s. 5 U.K.]

56. Orders for interim payment

(1) The power to make rules of court under section 54 shall include power to make provision for enabling the Supreme Court in such circumstances as may be specified to make an order requiring a party to pending proceedings to make an interim payment of such amount as may be specified in the order,