On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 23/02/2009.
13. The principal Act is amended by inserting, immediately after section 80, the following section:
80A.
—(1) Where —
(a)
a designated clearing house informs the Authority that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments;
(b)
a designated clearing house becomes unable to meet its obligations, or is insolvent, or suspends payments;
(c)
the Authority is of the opinion that a designated clearing house —
(i)
is carrying on its business in a manner likely to be detrimental to the objectives specified in section 47;
(ii)
is or is likely to become insolvent or that it is or is likely to become unable to meet its obligations, or that it is about to suspend payments;
(iii)
has contravened any of the provisions of this Act; or
(iv)
has failed to comply with any condition attached to its designation as a designated clearing house; or
(d)
the Authority considers it in the public interest to do so,
the Authority may appoint one or more persons as statutory advisers, on such terms and conditions as the Authority may specify, to advise the designated clearing house on the proper management of such of the business of the designated clearing house as the Authority may determine.
(2) Where the Authority has exercised its power under subsection (1), it may at any time do one or more of the following:
(a)
vary or revoke any appointment made by the Authority in exercise of such power, on such terms and conditions as it may specify;
(b)
appoint another statutory adviser in accordance with subsection (1) in place of or in addition to the statutory adviser earlier appointed;
(c)
add to, vary or revoke any term or condition specified by the Authority under this section.
(3) No action, suit or other legal proceedings shall lie against a statutory adviser for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with —
(a)
the exercise or purported exercise of any power under this Act;
(b)
the performance or purported performance of any function or duty under this Act; or
(c)
the compliance or purported compliance with this Act.
(4) The Authority may at any time fix the remuneration and expenses to be paid by a designated clearing house to a statutory adviser appointed in relation to the designated clearing house, whether or not the appointment has been terminated.
(5) The designated clearing house shall reimburse the Authority any remuneration and expenses payable by the designated clearing house to a statutory adviser and paid by the Authority to the statutory adviser.”.