(1) It shall be the duty of a recognized clearing house to ensure-
(a) so far as reasonably practicable, that there are orderly, fair and expeditious clearing and settlement arrangements for any transactions in securities or futures contracts cleared or settled through its facilities; and
(b) that risks associated with its business and operations are managed prudently.
(2) In discharging its duty under subsection (1), a recognized clearing house shall-
(a) act in the interest of the public, having particular regard to the interest of the investing public; and
(b) ensure that the interest of the public prevails where it conflicts with the interest of the recognized clearing house.
(3) A recognized clearing house shall operate its facilities in accordance with the rules made under section 40 and approved under section 41.
(4) A recognized clearing house shall formulate and implement appropriate procedures for ensuring that its clearing participants comply with the rules of the clearing house.
(5) A recognized clearing house shall at all times provide and maintain-
(a) adequate and properly equipped premises;
(b) competent personnel; and
(c) automated systems with adequate capacity, facilities to meet contingencies or emergencies, security arrangements and technical support,