Financial Markets Control Act, 1989 (Act No. 55 of 1989)

12A. Funds of Financial Exchange

Purchase

(1)	The executive committee may require members to contribute towards the funds of the financial exchange as a contribution towards carrying on the business of such financial exchange.

(2)	Notwithstanding the provisions of any law or the common law and without affecting its status as a non-proprietary financial exchange, the executive committee may —

(a)	if such financial exchange has assets which are surplus to its requirements;

(b)	after making appropriate and proper provision for any liabilities of such financial exchange;

(c)	with the approval of its members in terms of the constitution of such financial exchange; and

(d)	with the written consent of the Registrar,

resolve to distribute such surplus assets to members or past members, whether upon a restructuring of such financial exchange or otherwise.

(3) A financial exchange which ceases to be licensed, shall be dissolved in terms of its rules.

[Section 12A inserted by section 8 of Act 55 of 1995]