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

33. Winding-up by Court

 

 

(1) An order for the winding-up of a financial exchange may be granted by the court on the application of —
(a) the financial exchange;
(b) one or more of its creditors;
(c) one or more of its members;
(d) jointly, any of or all the parties mentioned in paragraphs (a), (b) and (c);
(e) the provisional judicial manager or final judicial manager of the financial exchange; or
(f) the Registrar.

 

(2)

(a) Subject to section 35, the provisions of the Companies Act, 1973, relating to the winding-up of companies by the court shall mutatis mutandis apply to a financial exchange.
(b) In the application of the provisions of the said Act —
(i) section 346 (3) shall be construed as if after the words "except an application by" there were inserted the words "the Registrar of Financial Markets or";
(ii) section 346 (4) (a) shall be construed as if after the words "lodged with the Master" there were inserted the words " and Registrar of Financial Markets";
(iii) section 346 (4) (b) shall be construed as if after the word "Master" there were inserted the words "or Registrar of Financial Markets"; and
(iv) section 357 shall be construed as if the Registrar were included among the persons to whom notice is required to be given under subsection (1) (b) of that section.

 

(3) An order for the winding-up of a financial exchange by the court shall not be made unless the court is satisfied that it is not desirable that the financial exchange be placed under judicial management.

 

(4) Section 32 (3) and (4) shall mutatis mutandis apply in the case of the winding-up of a financial exchange by the court.