LegalizeStock Exchange Act , 1995
Where the Bank applies to the Court for an order confirming a direction under section 29 of this Act, the Court may grant an order confirming the direction or setting it aside, or confirming it and, in the case of a direction made under section 29 (2) of this Act and subject to paragraph 5 of this Schedule, extending the period of its operation for such time, not exceeding the period of 12 months from the date the direction commenced to have effect, as the Court may, having regard to the circumstances, consider appropriate.
In addition to, or in lieu of, an order under section 29 (2) of this Act the Court may make such other order in the case as may appear to it to be necessary, including an order directing any person who holds money or other assets for or on behalf of the stock exchange or member firm or client of such stock exchange or member firm, ora specified person, not to dispose of any of those assets except on such conditions and in such circumstances as are specified in the order.
A direction which has been confirmed by the Court shall terminate—
(a) at the end of the period of operation specified by the Court,
(b) on the making by the Court of an order for termination on the application of the Bank,
(c) on the making of a winding-up order in respect of the stock exchange or member firm or, where a member firm is constituted as an unincorporated body of persons, a dissolution order, or
(d) on the making by the Court of an order for termination where the Court considers that the circumstances that gave rise to the direction have ceased to exist and that it would be unjust and inequitable not to make the order,
whichever first occurs.
If the Bank forms the opinion that the stock exchange or member firm to whom the direction was given is able to meet its obligations to its creditors, investors or clients but the circumstances which gave rise to the direction are unlikely to be rectified, it shall forthwith apply to the Court for, and the Court may grant, an order directing the said stock exchange or member firm to prepare, in consultation with the Bank, a scheme for the orderly termination of its business and the discharge of its liabilities to its creditors, investors and clients under the supervision of the Bank and to submit it to the Court within two months for approval.
The Court shall not approve the terms of a scheme under paragraph 7 of this Schedule without hearing the Bank and, in the event of dispute about terms of the scheme, the Bank or the stock exchange or member firm may apply to the Court to adjudicate on the matter.
If the stock exchange or member firm fails to comply with an order of the Court under paragraph 7 of this Schedule or fails to adhere to the scheme approved of by the Court, the Bank may apply to the Court for, and the Court may make, such further order as it considers appropriate for the winding-up of the stock exchange or member firm or, where a member firm is constituted as an unincorporated body of persons, for the dissolution of the member firm on the grounds that it is just and equitable that it be wound up or dissolved.
The Court may by order revoke or amend an order made by it under paragraph 4 of this Schedule.
Where a direction is given by the Bank in accordance with section 29 of this Act—
(a) the stock exchange or member firm to whom the direction has been given shall take all necessary steps to secure that its assets or client or investor assets wherever held, are not depleted without the prior authorisation of the Bank, and
(b) the Bank may direct a credit institution or any institution exempt under section 7 of the Central Bank Act, 1971,or any other financial institution which holds an account of the stock exchange or member firm to which the direction has been given, to suspend the making of payments from the account without the prior authorisation of the Bank.
SECOND SCHEDULE Supplementary Provisions in Relation to a Committee Appointed Under section 65of This Act
Subject to paragraphs 2 and 3 of this Schedule, on the coming into operation of section 65 of this Act, the Minister shall, with the consent of the Minister for Enterprise and Employment, establish and maintain a panel which shall be composed of at least 7 persons.
Each of the persons appointed to the panel referred to in paragraph 1 of this Schedule shall be a person whom the Minister and the Minister for Enterprise and Employment consider to have relevant experience or special knowledge which will enable them to carry out their functions under this Act.
At least two of the persons appointed to the panel referred to in paragraph 1 of this Schedule shall be barristers or solicitors.
Subject to paragraph 5 of this Schedule, a person shall remain on the panel established under this section for such period as may be specified under that paragraph unless he dies or requests the Minister that his name be removed from the panel but unless he has died shall be eligible to have his name included on the panel for a further period or periods.
A panel established under section 65 of this Act shall stand dissolved on the expiration of such period as may be specified by the Minister, with the consent of the Minister for Enterprise and Employment, at the time he establishes it.
A member of the panel appointed to a Committee shall be paid by the Minister, following consultation with the Minister for Enterprise and Employment, such remuneration and allowances for expenses as the Minister may determine.
A Committee shall be composed of no less than three persons at least one of whom shall be a barrister or solicitor.
The Minister, with the consent of the Minister for Enterprise and Employment, may at any time remove a member from the panel for stated misbehaviour.
The procedures of Committees appointed under section 65 of this Act shall be laid down, from time to time, in rules made by the Minister, with the consent of the Minister for Enterprise and Employment, and shall include a rule providing for the appointment of a Chairperson.
A Committee shall be independent in the discharge of its functions.
The Bank shall make available to a Committee such services, including staff, as may be reasonably required by the Committee.
On the completion of an inquiry and following the making of a determination under section 65 of this Act, a Committee shall serve on the Bank and on the approved stock exchange or member firmconcerned a report of its inquiry and a notification of its determination specifying the nature of the inquiry and the evidence laid before it and any other matters it thinks fit.
An inquiry under section 65 of this Act may be carried out, at the request of or with the consent of the approved stock exchange or member firm concerned, by an examination of the relevant documents and written submissions from the Bank and the approved stock exchange or member firm concerned in place of an oral hearing.
A Committee appointed for the purposes of holding an inquiry under section 65 of this Act shall have the powers, rights and privileges vested in the High Court or a judge thereof on the hearing of an action in respect of—
(a) the enforcement of the attendance of witnesses and their examination on oath or otherwise, and
(b) the compelling of the production of documents,
and a summons signed by the Chairperson of the Committee or by such other member of the Committee as may be authorised by the Committee may be substituted for and shall be equivalent to any formal procedure capable of being issued in an action for enforcing the attendance of witnesses and compelling the production of documents.
Where—
(a) a person on being duly summonsed to attend before a Committee established for the purposes of section 65 of this Act makes default in attending, or
(b) a person, being in attendance as a witness before a Committee refuses to take an oath lawfully required by that Committee to be taken, or to produce any document in his power or control lawfully required by that Committee to be produced by him or to answer any question to which the Committee may lawfully require an answer, or
(c) a person, being in attendance before a Committee does anything which, if the Committee were a court of law having power to commit for contempt, would be contempt of court,
such person shall be guilty of an offence and shall be liable on summary conviction to a fine not exceeding £1,000.
A witness before a Committee shall be entitled to the same immunities and privileges as if he were a witness before the Court.
In this Schedule, “Committee” means a committee appointed under section 65 of this Act.
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