(1)
| (i) |
rejects an application for membership by any person; |
| (ii) |
or the disciplinary tribunal contemplated in section 13(b) terminates the membership of any person as a member or directs any member to terminate the employment of an officer or employee; |
| (iii) |
or the disciplinary tribunal contemplated in section 13(b) imposes any penalty on any member, officer or employee of a member; |
| (v) |
grants an application in terms of section 14 for the inclusion of financial instruments in the list where the listing requirements of the financial exchange were not complied with in respect of those financial instruments or where the inclusion of the financial instruments in such list is not in the public interest, an aggrieved person, member, officer or employee of a member or the person who issued the financial instrument or the Registrar, as the case may be, shall be entitled to be furnished with the reasons for the decision and may appeal against such decision to the board referred to in section 18, but, in the case of a person referred to in subparagraph (iii) only with the leave of the executive committee or the disciplinary tribunal contemplated in section 13(b), and the board may confirm, vary or set aside the decision and, whether or not the appeal is withdrawn, make such award as to costs as the board may deem fit. |
(b)
| (i) |
The board shall deal with an appeal on — |
| (aa) |
the circumstances which the executive committee considered in making the decision appealed against in terms of paragraph (a); |
| (bb) |
the grounds of the appeal; |
| (cc) |
the documentary or oral evidence submitted or given by any person at the request of or with the permission of the board; and |
| (dd) |
any other information at the disposal of the board. |
| (ii) |
The appellant shall, expect if the appellant is the Registrar, within the period prescribed, lodge with the secretary of the board such sum of money as the chairman of the board may have determined, as security for the payment of any costs that may be awarded by the board against the appellant. |
| (2) |
The Registrar may, after he has requested the executive committee, in writing, either to review a decision which it has made or to make a decision which it has omitted to make or to take any action or to refrain from taking any particular action within a reasonable period, appeal to the board referred to in section 18 against any decision or action of the executive committee or any lack of decision or action by the executive committee and the provisions of subsection (1)(b)(ii) of this section shall apply mutatis mutandis. |
| (3) |
A decision of the board on an appeal shall for all purposes be deemed to be a decision of the executive committee. |
[Section 19 substituted by section 16 of Act 55 of 1995]
National Small Business Act, 1996 (Act 102 of 1996)
