Contents of Section

Chapter:

351 PDFTitle:EXCHANGES (SPECIAL LEVY) ORDINANCEGazette Number:
Section:5Heading:Payment out of special levy fundVersion Date:30/06/1997

(1) Subject to subsection (2), the trustee or his agent shall pay money out of the special levy fund in accordance with the facility letters, subject to, where a suspension order is in force under section 4A, any rules as may be made under section 8(d).
(2) The Secretary may, after the repayment of all the loans made under the facility letters, direct the trustee or his agent to dispose of the balance, if any, in the special levy fund-

        (a) by transferring the whole or any part of the balance to the compensation fund established under Part VIII of the Commodities Trading Ordinance (Cap 250) or section 99 of the Securities Ordinance (Cap 333); or
        (b) by applying the whole or any part of the balance for any other purposes that the Secretary may, on the recommendation of the Commission, deem appropriate having regard to the interest of the investing public.
(Replaced 71 of 1993 s. 4)