Section 52 of the Stock Exchange Act, 1995, is hereby amended by the substitution for subsection (5) of the following subsection:
(a) No liquidator, receiver, administrator, examiner or creditor of a member firm shall have or obtain any recourse or right against a client's money or a client's investment instruments or a client's documents of title relating to such investment instruments received, held, controlled or paid on behalf of the client until all proper claims of the client or of the client's heirs, successors or assigns against the client's money or the client's investment instruments or documents of title have been satisfied in full.
(b) Notwithstanding paragraph (a) of section 52 (5) of this Act, a liquidator, receiver, administrator, examiner or creditor may have recourse or right against a client's money or a client's investment instruments or a client's documents of title relating to such investment instruments received, held, controlled or paid on behalf of a client
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