I move amendment No. 65:
In page 55, subsection (3) (b), line 8, to delete "this section was complied with" and substitute "section 15, 27 or 52 (3) of this Act was complied with".
This is a technical amendment which corrects the incorrect reference to compliance with "this section". The reason for the amendment is that subsection (1) of this section provides, in certain circumstances, for the High Court making an order declaring on officer or member firm of the stock exchange to be personally liable for its debts. The circumstances are where the exchange or member firm is insolvent and is being wound up, and it has breached its obligation to keep proper books and records or to comply with client money obligations and that the breach has contributed to its insolvency. Subsection (3) provides that the court shall not make such an order if it considers that the person in question took all reasonable steps himself to ensure, or believed someone else was responsible for ensuring, compliance with the firm's books and record obligations and its client money requirements. Compliance with this section, therefore, does not arise. The correct reference is to compliance with the provisions relating to books and records in sections 15 and 27 and to client money provisions in section 52 (3). The amendment substitutes the correct references in relation to the approved stock exchanges — sections 15 and 27 — and member firms and the obligations, as outlined already, in relation to client money requirements in section 52.
