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

32. Voluntary Dissolution of Financial Exchange

 

 

(1) A financial exchange may be dissolved voluntarily in such circumstances (if any) as may be specified for that purpose in its rules and in the manner provided by such rules.

 

(2) Subject to section 35, the provisions of the Companies Act, 1973 (Act No. 61 of 1973), relating to the voluntary winding-up of companies shall mutatis mutandis apply to the voluntary dissolution of a financial exchange.

 

(3) The liquidator of a financial exchange shall —
(a) until the financial exchange is dissolved, send to the Registrar accounting records such as are by and in accordance with the regulations required to be sent to the Registrar by a financial exchange; and
(b) forward to the Registrar a copy of every notice or account which in terms of the provisions of the Companies Act, 1973, he is required to furnish to the Master of the Supreme Court.

 

(4) When the affairs of a financial exchange have been completely wound up, the Master of the Supreme Court shall transmit a certificate to that effect to the Registrar, who shall cancel the financial market licence of such exchange, and thereupon the exchange shall be dissolved.