Acts Online
GT Shield

Companies Act, 1973 (Act No. 61 of 1973)

Chapter XVA: Regulation of Securities

440M. Actions

 

 

1) If any person who is not exempted from compliance with the rules acts in contravention of any of the rules, the panel may apply to the Court for an order compelling such person to comply with the relevant rule, and the Court may in its discretion issue such an order.

 

2) If the panel has reason to suspect that any person who is not exempted from compliance with the rules--
a) is likely to act in contravention of any of the rules; or
b) has so contravened any of the rules, or that such a contravention is likely to be continued or repeated,

the panel may apply to the Court for an order-

i) prohibiting the anticipated contravention referred to in paragraph (a);
ii) prohibiting the continuation or repetition of a contravention referred to in paragraph (b); or
iii) prohibiting the person concerned from continuing with an affected transaction or proposed affected transaction.

 

3) If it is proved to the satisfaction of the Court, in the case of an application for an order referred to in-
a) subsection (2) (i), that there is a reasonable likelihood that the rule in question will be contravened by the person concerned as contemplated in subsection (2) (a);
b) subsection (2) (ii), that there is a reasonable likelihood that a contravention will be continued or repeated as contemplated in subsection (2) (b);
c) subsection (2) (iii), that there is a reasonable likelihood that a contravention has been committed or is being continued as contemplated in subsection (2) (b),

the Court may issue the relevant order applied for.

 

4) Any person who contravenes any of the rules shall be liable to any other person for any loss or damage suffered by that person as a result of such contravention.

 

5) The provisions of this section shall not affect the right to any remedy which any person may otherwise have.