Section 54 of the Stock Exchange Act, 1995, is hereby amended -
(a) by the deletion of "approved" before "stock exchange" wherever it occurs,
(b) by the deletion of "authorised" before "member firm" wherever it occurs, and
(c) by the substitution for "officers or former officers or both" of "officers or beneficial owners or former officers or former beneficial owners or any of these" wherever it occurs,
and the section as so amended is set out in the Table to this section.
Table
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54.—(1) If— |
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(a) a stock exchange or member firm is being wound up and is unable to pay all of its debts and has contravened section 15, 27 or 52(3) of this Act, and |
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(b) the Court considers that such contravention has contributed to the inability of the stock exchange or member firm to pay all of its debts or has resulted in substantial uncertainty as to the amount, location, ownership or otherwise of the assets and liabilities of the stock exchange or member firm or of the money or investment in |