76 tal-1994

L.N. 76 or 1994

MALTA STOC K EXCHANGE ACT

(CAP. 145)

Malta Stock Elchan&e Ad (SubstituUon of Fim Schedule)

Rtflula tlons, 1994

IN exerciK orlhe powers conferred by §eClioR 80flhe Malla Stock

Exchange ACI , the Minister o f Finance on the reoommendation o f the

Coullcil of Ihe Exchange. Bnd afler consu ltation wilh the Central Bank

of Malta, has made the following reguLatiOO$:-

TheM: regulations may be ci ted as the Malta Stock Exchange

Act (SubstifUlion of Finl Sdleduk) Regutalions. 1994 and shall be read

and construed as one with the Malla Slock Exchange Act, hereinafte r

referred 10 M ~Ihe A(."I ~ .

For the Schedule 10 the Act, there shall be substituted the

following new Fi rst Schedule: -

"FIRST SCHEDULE

(5«lion 7)

TH ESTATlTTE

Applkabilily

This Statute applies 10 ~I he Malta Stock ExchangeH as established

under S«1ion 3 of lhe Malla Stock Exchange Act, Cap. 345.

(i) [n this Statute unless the ~ubje~t or con text otherwise

n:quin:s

"Accr ~dit~d R~pre s ent ~ tiw " me 3ns ~n individu~l who h ~s

been ~uthori s ed in writing by ~ m~mber to r~pn s ~nt him in r~ sp~ c t

of hi s ~ctiv iti es in c onn~ ( tion with th~ Exch~nge ~nd for whom the

m~mber 3cc ~pt s full r esponsibility ~nd who h as be en duly 3cc ept ~ d

by th~ COIUlCil to 3Ct 3S such;

Stock E>;change Act . Cap. 345;

~the Act~ means the Malla

~Commillee~ mum the Commillee established by Ankle 6

of the Statute .

(ii) The officers of the Exchange shall be the Chairman . the

Input)' Chainnan and the Genera l Man ager of the Exchange.

(iii) The General Man age r shaU have such duties as are assigned

to him by this Statute or the bye-laws and shall act under the general

direction of the Council .

Membership

Ci) The membemup of the EJ:challlc shall consist of licensed

ilOCkbrokus

Provided lhal a person or persons nominated by the Ce ntral

Bank and approved by lhe M inister shall be: li\%nsed by the Cou ncil 10

act as stockbrokers [or the purpose of trading solely in securities issued

by the Gove rnment subject 10 the following conditions

(a) such person or pe rsons will nol be e ntitled 10 VOle at l ny

mee ting of the members of the Exchange and will nol be eligible for

election as a member of Ihe Commil1u orlhe Exchange ;

(b) such person OT persons can take a position and act as a

principal for the Central Bank ;

(c) such person or PCf$Ol1$ are exe mpt from the applicability

of the following provisions of t/'l.e Statute

in Article J, subparagraphs (b) and (c) of paragraph

-

(Hi), paragraphs (iv) 10 (vi ), (il), (xiii) aRd (xiv) thereof

-

in Art icle 6, subparagraph (b) o f paragraph (H) and

paragraph (iv) thereof.

(il) Every C4lJldidale for admission 10 membership!ihall make an ....... -

applicalion for a licence in wri ling 10 Ihe General Manager , in such form

as Ihe Council may from lime to time by bye-Jaws establish .

(iii) No pcnon shall be gran ted. licem:e to act as a stoc kbro ker O..aI;Ii<o.iofU.

unlC$S he

<a) is, in the opinion of the Council, a fit and prope r person

to hold such a licencc;

(b) deposits such security/indemnity as the Oxmcil may In

the bye· laws cslabl ish

Provided Ihallhe IICCUrilylindemn il y shall be eslablished in In

amounl which !ihall be equal 10 . n stockbrokers , sohowever that

lhe Council may al any lime aller the amount of the IICCUrityl

indemnity as il may deem fit . giving when such amount is raised at

least thirty days within which lice nsed stockbrokers shall ha~ to

comply: and

(c) possesses such othe r qualifications as may from time 10

time be established by b~- I aws .

(iv) O n receipt of an application for a licem:e the Council shall fi~ ",.'S .

a dale on which il will consider such appliCIIlion and, alleast si~ weeks

prior to that date, the Gene,..1 Manager shall post a notice al the Borta

Slaling the name. addrC$S and other relevanl details of the applicant,

and giving the dale , which shall nol be less than foor weeks after tile: date

of posting of the notice by wllich any person may mq.c written

w bmiWons to the Council with respeclto such application .

Applicat~ for I licence &hall be considered by the

(v)

Council on the dale futcd in accordance with paragraph (iv) hereof and

5IIb$equenlly al such other mee ting of t he Council as the Council may

deemlobe~.

(vi) No person shall be granted alioence except by ro:$(llution of

the Council supponed by 1\ least fOO T VOles ,

(vii) The Gene ral Manager . on the direction of the Council

following such voting. shall in .... riling infonn tile applicant of the

6ecision of the Council with regard 10 hislpplicatio n. Upon the,",nl of

such • licence by the Council the candid ale shall become a member of

the E:lchan~.

TIle Council sllall nOI be required \0 give reason S for il$

(viii)

dea$ion .

(ix) Following the rejec1ion of an application for the grant of a

licence. Ihe applicant may not _pin apply for • licence be fore the lapse

of (welve calendar months from the date of such rejection.

(x) Every perwn Iranted a licence as aforesaid man furnish the

General Manager with a busi ness .ddre$S in Mal ta. not bei n, a Po!lil

Office Box number. tn which an communicatiOfl5 and couespondence

shall be sent. Members shall notify the General Manager of any chanse

of addre$S.

-.

( ~i) A mem ber may appoi nt an accredit ed representative tocarry

on trading on the Exchange and such member shall be responsible for

and be bound by all action! or omissions of such represe ntative in his

aclivi lies in connection wi lh the ElIchange .

(xii) A register of memben Ind accrediled representatives

togelher with thei r registered addresse5 mall be kepI and maintained by

the Gene lal Manager and shall be ope n 10 inspeaion by memben and

the public during normal busine$S houn.

A member wishing to resign his membenhip Shall do

(xiii)

(al

IiO in wriling.to the Council which sh all forthwith post a notice on

Ihe notice board althe 8olia. Such notice shall remain posted for

such lime as may be determined in the bye-laws.

(b) Stoc kbroken incl uding Ihe member intending to resign

shall wit hin ",ch ti me as may be established in the bye-laws advise

the Council of any outstanding debls. obligations. or commitments

of the member intending 10 resign and of anyou l$tanding dealings

and transaction! in which he may be conce rned in connection with

his activities as a member oflhe Exchange.

(c) Notwi thstanding his rC$ignalion a stockbroker shall

retain all his obligations and liabilities under this Act unle$S the

Cou ncil shall have discharged him in writing thcrefrom .

(xiv) Any person who has resigned his membership may rc-apply ..... _ _ _

for admission; such new application WI.U be subject 10 the condi tions

a pplicable 10 the admission of new membetl al the lime o f iu filing. No

su~h application will be oorWdered by tbe Council before the lapse of

onc: year from the dale o f resignation.

Disclplinary PrtJftdu~

(i) 11 shall be the duty of the Council 10 en force the Sli M e and Edo ...... ..

bye-laws a nd 10 e nsure compl iance therewi lll by tbe mem bers o f the: ....

Excha nge .

(ii)

Where the Cou nci l fi nds Ihat a member of the Exchange

<al

has failed 10 comply wilh tile Statule or the bye-laws; or Md Bye-u....

has failed 10 comply wilh a n y decision of lhe Council; or

(b)

(c) has nOI acted in a fit a nd proper way to the de triment of

the fuchange , ils rne mbe!1; or the p ublic in ge neral ; o r

(d)

has been adjudged bankrupt; or

(e)

has been convicted of . nycrime involving public In"l; or

(f)

has been in te rdicted or incapaci tated ,

the Coundl ~hall determine: what action, (including expulsion,

suspe nsion, or the impositio n o f a pecuniary penalty) it shall take wit h

regard to such member.

(iii) (a) A resolution in pursuance of paragraph (ii) of this p;. -t'"...,

Anide involving the expulsion, sUilpCnsion of or the imposit ion of a "'_ .....

pecuniary penalty on a member o f the Exchange shall requi re the

suppon of at least four o f the Council members presc nt at the

mee ting.

(b) Suspension of me mbership of the: Exchange $hall be for

such period not in cx~ssof o nc: year as tile Council maydctenninc.

provided that soch s.uspe nsion may be extended by the Council for

a good and sufficient ruSOfl. During such period of suspension the

suspe nded member sha ll rI()! carry o n the businessofstockh ro king.

Noti~ of the ex pulsio n o r suspension of a member shall fo rthwith

be posted on the no tice board at the BorU.

(c) Where a stockbroke r has resigned. been expelled o r is

adjudged bankru pt o r is convicted of an y crime: in volvi ng public

IN S1, or in lhe: evenl lhal he has beeome interdicted or

incapacitated, o r is unable to meet his li abilities to hi s fellow

members o r to the Exchange . the Council shall have the powe r 10

retain o r to call in the secu rity deposi ted in terms of sub-paragraph

(b) o r paragraph (i ii ) of Article 3 of this Statute and to place such

monies or other sums realised the reby to such reKI"VC or othe r

account as the Council shall dec:m fit and to IlK all or any of such

monies 10 discharge the liabilities of the member 10 his fellow

members Or to the bellangc:, induding any pecuniary penalty

imposed under paragraph (11) hereof and any $UrplU$, 5h""'l be

refundable 10 the member.

(IV) The provisions of paragraph (U) hereof shall mUlalU

. mU/<UldiJ apply to accredited reprc$entatives, and in any such case the

Council may take any action referred to in the said paragraph with

reprd to the member and his accredited representative and in any such

c:ase the Col,lncil may determine that such person Shall not act as an

accn:dited representative for any olher membe r for any period it may

deem fit.

(v) A member or an accredited representative, whose a.mduct is

being investigated by Ihe Council. sllall be given Ihe opportunity of

being heard by the Council in his own defence .

(vi) The decision of the Council in &CC()rdance with Ihis Artide

shall be final.

s. Coultdl

(i) The Council established in vi",,1C of section 4 ofttIC Act Il'IaIl

be constituted in accordance with the following paragraphs of this

Article.

(ii) The MiniSler shall appoint one of the memberl of lheCouncil

as Chairman.

(Hi) (a) The Council shall oonsisl of a Chairman and fourolher

members;

(b) Four members of the Council. including the Chairman.

shall be appointed by the Minister f,om among persons who . in his

opinion. have had experience of and shown capacily in maners

relating 10 business. financial activities. the profe5$ions or

academic affairl;

(c) The remaining member is to be nominated by the Central

Bank from among its senior officers .

(iv) In addilion to the above members lhe Council may co-opt not

mo,e than tWO other per$OTlS to be members of the Council as il may

deem expedient.

(v) The Council shall elect onc of its members as Deputy

Chairman woo shall act as chairman in the absence of the Chairman.

(vi) The members of the Council shall hold office for a period nOI

exceeding three years but shall be eligible for re-appointment.

(vii) 1lIc Council shall appoint I <kroeral Manager who sha ll be

responsible for the day 10 day management of the Exchange according

to the policy liet by the Council.

(viii) Any member of the Council who is direaly or indircclly Council m<ml>H

involved i n any matter under discussion before the Council slla ll

witbdraw from the Jilting o f the Council when sl,tCh maller is being .......

d iscussed o r decided upon and in luch an evenl for all intents and

purposes the Council shall be constituted of all the other members.

(iJ:) 1lIc dctennination as 10 ",helM , a mc:mbcr oflhe Council is

....... , ..

diro:ctly o r indirectly involved in a ny such mallcr . shall res t cldusivcly

_ _ ' I

with the other membcrsof lhe Council 10 the exclusion of such member .

Committee

(i) <al There shall be • Committee whose luk it Miall be to

te nde r advice 10 the Council on matten arcecting trading

procedurel ,nd on olher mallen a f con«m to the membcnofthe

Exchange or incidental ID the proper functioning o f the Exchange .

(b) 1I shBlI be IIle dUly of Ihe Comminee 10 report 10 !be

Council any failure of • member 10 comply wilh the SUltute and

Bye-Laws and to make such rcrommendalionsto the Council as it

deems necessary ,

(ii)

The Commi ttee shall consist of Ihe following membel$

(a) on.e member appointed by the Council from amongst the

senior executive staff of the Exchange;

(b) fou r o ther memben elected annually by the membenof

the Exchange from among themselves.

( iii) The Comm illee shall elect on.e of its members who shall act CloairIIoM01Od

as OIairman and anolher of its membel$ as [kputy Chairman;

(iv) The election of membenoftheCommittee shall take place at El«liooIo .

• specill mee ting o f licensed stockbrokers convened by the Chairm an

not later than the thi rty-first day of March each year Ind shall be

conducted as follows

(I>

the election shall be beld by secret balJot;

(b> memberselected shall hold office for a period of one year

effective from the first d a y o f Aprilofthat year andsh.U be eligible

for re-election

Provided that tbe election of the first Comminec shaJJ be

convened by the Chairman of the Council 001 later than the thirty-

firsl day of July of the year nineteen hundred and ni nety-four . The

members elected shall hold offICe until the thirty-fint <by of Ml rch

of Ihe following year;

(c) members eligible for eJeclion 10 tile Comm illee shall be

those whose na~s appear upon the membe rs' rcgistero n a dale to

be

set by the ChaIrman of Ule Council. which shall be nOl less than

Ihmy days before the date of the speci;I1 meeting al which election

of members o r lhe Comm'l1ee is to lake place and have 001 ceased

10 be mcmben as on the dale of such a meeting ;

(d ) nomina tions of Qlndidates for election 10 the Comminee

shall be in wriling and shall Sla te dearly the name of the mem be r

proposed for election, &hall be signed by al leaS! two other

members of t he E ~chan~e as proposer and seoooo.o.r, and s.haJl be

endorsed by the oolTunee. The forms of nomination duty

completed shall be lodged wilh the General Manager at the Borta

00( less than len days before the dale of the meeting. The General

Man~ger shall ca use ,tile names of aU members proposed for

elecllon to the Commlllee and tbe IlllIDeS of their proposers and

seconders 10 be posted on Ihe notice board or lhe Bona.

VacandnIn Ihe CounciJ

Ci) A person shall a:ase 10 be a member of Ihe Counci l in the

following cases

(a)

upon resignaliol'l notified in wri ting 10 [he Minister;

(b) ifhe ce aSe$ to be qualified to be appointed or nominaled

as a member of the Council

(c) in the event that he is adjudged bankrupt or is con~icted

01 any crime involving public trust

(d)

in the event that he has been interd icted or incapacitated

(c) upon unjustified abseoce from mee tings of the Council

on three consecutive ocusiOl1$.

(ii) No member of the Council shall be fora:d to vacate his offia

by reason on ly of hi s be ing a member. director oroffice r of any company

which h~s en tered into contracts with Or done any work for the

Exchange, but a member of the Council Shall disc~ an y personal

interest in any transaction Or contract and may not "ote in respect ofany

such contract or work . A member of Ihe Council who acIlI in

contrave ntion of this paragraph 1hall be liablc to be removed byordcr of

the Minister and shall be liable 10 compensate the E~change for any loss

caused by him in conSCQuence of such act.

(iii ) Upon lhe occun ena: of any ci rcumstances mentioned in

.,.ragraph (i) bereof the Council shall dttlare tha t the seat of thc

Council member cona:rned has become vacant.

(iv)

Where any vacancy occurs among the ITItmbers of Ihe

Council, such vacancy shall be filled by the appointment of another

person by Ih e Minister, or by the Ce ntral Bank , in accorda na: with the

provisions of paragraph (iii) of Anicle S of this Stalute;

(v) E~ry membe r of the Council sha ll al a Council meelin,have vo<Mt$.

o nly one vOle e xcept for the Chairman , OT Ihe Deputy Otainnan in the

ab5encc orlhe Chairman, who shall have an original anda casti ng vOle.

Decisioni of the Council shall be ta ken by • si mple majority unless

odw:rwisc provided for in the Slatule .

(vi) The Chairman and members of the CoullCil shall be pa id such

remuneration as may be approved by the M inister. The remuneration of

the Gene ral Manager shall be decided by the Council.

(vii) Every member of Ihe Council MiaU be indemnified by the

EKchangc: against allliabililie$, costs, losses and expenses 10 ",hieh sl,lCh

member of the Council may bewme liable in resped of any malle r or

thing done in good faith by him in the execu tion of hi:! duties as a

member of the Council

Provided Ibal no sucll member may IICCJept liability without the

authority ofth<= Council.

Vacandftl in lhot- Commlll~

(i) A person shall cease to be a member of th~ Commille~ in th~

following CU~I

(a) upon resignation notified in writ ing to the Chai rman of

the Couno:il ;

(b) if he c~ases to be qualified to be appointed or ~Ied~d, a5

th~ case may be. as a member of the Commiuee;

(c) in the event that he is adjudged bankrupt o r is conviC'ted

of any erime involving pu blie trust ;

in the event that he has been interdicted en incapacitated;

(d)

(e) upon unjustified abse nce from

meetings of the

Committee on three consecutive occasions.

(ii) Upon the occurrence of any circumstances m~ntion<:d in

parapph (i) herrof the Commiu" w all declare that the scat of the

Committee member conoemed has become vacant .

(iii) Where a vacancy onun among members of the Commillee

sueh vacancy shall be filled by the member woo obtained the high.cst

number of votes at the last election and was not elected

Provided that. if thcr~ is no such member eligible for cleo.:lion

Of" willing to IICC1:p! appointment. the vacancy shall be filled through 00-

option by the Commilte~ .

(iv) EveI")' member of thc Commil1ee shall at a Commilt ce \l00i0$.

meeting have only onc vote, except for the Cbairman, or the Deputy

Chairman in thc absence of the Chairman. who shall hav~ an original

and a casting vote . Decisions of the Committee shall be laken by a

llimple majority unless otherwise provided for in the Statut~ .

Council Mftti"lS

(I)

Meetingsofthe Council shall be heldon such dales and ilsuch

places as the Chainnan of the Council shall from time 10 time determine

sooo-ver that the Council shall meet al least once evcry calendar

m()nlh.

(ii) Noli« of the date, place and lime of a Council meeting Slating

the business 10 be <:k.lt wilh in a meelingshall be given in wriling by the

General Manager 10 each member or lhe CooIlCi I.

(Hi) No busi ness shall be transacted al any mcctingofthe Council

unless a quorum of memhers is present. The quorum 1Y"CeSury for the

transaction of bu~ness shan be three members qualified 10 VOle ,

If within thirty minutes aftu the lime find fo r the m«ting the

members present are nol 5utncienl 10 form a qoorum. sucll meeting

shall s tand adjourned 10 the $ame day in the n<':X1 wee k. , at the same lime

and place. and a notice 10 Ihis effect ~ha ll be sent!o anlho: members.

If at the adjourned ~ting • qllOrum i5 not prdCnt within

thiny minutes from the time fIxed for the meeting. the members present

, hall then form a quorum

Provided. however. that a meeting with such reduced quorum

shall not have power 10 amend the Bye-Laws.

(iv) (aJ A special mecti ngoonvenedbythe Council shall be held

1101 late. than the 31st March of each fInancial year. The Chairman

shall at such meeling make his repon for the previous fInancial year

and lay on the table a copy of the audiled aCOOUll1 ofthc Exchange

1$ approved by the Council. Licensed slockbroken shall attend this

Cou ncil meeling.

(b) Other special meelings of lhe Council may be amvened

by the Chairman on the re'lucsl by lIOIiee in wriling of not less than

three members of the Council and shall be held wilhin one week of

such re'luClt. Notlceofanysuch$pCcial meeling, stalingtheobjeas

thereof, shall be given by the General Manager in writing 10 each

member of the Council at least seventy·two hours before the date

fi~ed for such meeting.

(v) 'The Council ih.1t have the power, subject 10 the provisionsof

lhis Statute, to fix its own meeti ngs and regulate ils Own proceedings.

Commltue MHtlnp

(i) Meel ings of Ihe Commillee shall be held on such dates and at

such places IllI u", Comm;tlee Chairman shall from lime to time

delermine IOhowever Ihatl he Commillee shall meel alleaSl once every

calendar month .

(iil Notice of the date, place and time of a Committee meeting

stating the business to be dealt with in a meeling shall be given in writing

by the Commillee Chairman to each member of u", Committee.

o-um.

(Hi) No business sh ll be transacted a1 any meeting of tile

Committee unless a quorum of members is pre~ nl . The quorum

necessary for the transaction of business sllall be 1hree members

qualifie d 10 vote.

If within thirty minutes after the time fi~ed for lhe meeting the

members prese nt aTC not sufficient 10 form a quorum . such muting

shall sland adjourned to the same day in the ne~t week . at the same time

and place , and a notice \0 Ihis dfea shall be sen1 10 all the memben.

If at the adjourned meeling a quorum is no1 preKn l within

thirty minutes from the tim" fixed for the meeling. the me m bers pte$elll

shall then form. quorum.

(jv) Special meetings of the Comminee may be ronY1:nW by the .....

Comm ittee Chairman 0fI the uquesl by notice in writing of nolless lhan tI ' .

Ihru memben of the Commiu ee and shall be hd d within one week of

wo:h request. Notice of any such special meeting. slati ng the objccu

thereof. shall be given by Il'Ic Commi u ee O;o.irman to ead! member of

the Committee It least seventy·two hours befo re the date fixed for!uch

meeting.

(v) The Committee shall have the power , subject to the,.

provisions of tltis Statu te, to fIx its own meelings and regulale its own

pro«edings.

(i) The funds of the El<~hange shall be held in such bank5 as the

Council shall from time to time determine. All ~heques drawn on the

accounts of the Exchange shall be signed hy ~uch pe rson or persons as

the Co uncil may from time to time direct.

(ii) The income and prope rt y of the Exchange shall be applied

50Icly towards the promotion of the objects and in the interest of the

Exchange as the Counci l may determine .

(iii) The Council ~hall causc proper book5 of ac:rounts 10 be kepi

wit h respect to

(a) all sums of money received and expended by tbe

El<change and the matt ers in respect of which the recei pt and

expenditure takes place;

(b) 111 sales and purchua by the E><change ; and

(c)

the ISSCts and lilbili liesof the Exchange.

(iv) Proper books of aceoun ts shall be kept 10 give a true and fair

yjc,wof the state of the EIIt hange 'lIffairu nd to explain its transactions.

(v) l1Ic books of aa:oonts shall be kept at the Registered Office

of the Exchange and shallllwlYS bcopen to inspection bylhe members

of Ihe Council. and as the Council may from time 10 lim e determine.

(vi) Audi lOl"l shall be appoin ted annually by the Council at a fec

10 be agreed by the Council.

(vii) 'llIe auu; ton of the Exchange shall be entitled to attend any

.special meeting convened in terms of sub-paragraph (a) of paragraph

(iv) of Ank le 8 of this Statute and to recei ve all ootices of, and otlier

communications relating 10, such specia l meeting wh ich any member of

the Elichange is en titled to receive, and 10 be heard al such special

meetin, whidl they al1end on any part of the business of the meeting

which OOI'Icems them as audi tors.

t_.

Com~nsatlon fLllld

Fina n~1

(i) Il-fondi tal· Boria ghandhom ji ntammu rdawk il-banek li 1-

KllnsiU ji§labbi lixxi minn tmien ghat i:mie n. Kull cheque mahrug in

akkont tal-Boria gh andu jigi ffirmat minn dik il-persun a Jew persuni li 1-

istcss Kunsilt jisla' minn i micn ghal t mien jistabbiliui.

<ii l Id-dh ul 11 I-proprjelit laJ·Borta ghandhom ji ntuZaw

unikament ghalJ-promo:zzjoni la 'l~enivi 11 f] ·interess tal-Soria hekk

ki f il· Kunsill jisla' iistabbili:u;i ,

(iil) Il-Kunsill gbandu jiebu bsieb li jintammu ~w kotba tal-

kontijict dwar

(a) kul' ammolll la ' nus imdahhaJ u millfuq mill-Borb u 1-

bwe.i,ic:g li dwarhom dale id..dhul u nfieq isir;

(b) kull ~iri u bejghli jsir mill-Bona; u

(t)

I-alllv u I-pazlv lal-Boria,

(iv) G band hom jintammu kotba lal, kolltijiel dellaljati sabiex

dawn jaghlu vitroni vera u tara la' I-allivitl tal-Bona u !o8bie~ jisp~ga \ll

il-lransazz.ionijicl taghha,

(v) Il- kotba lal- kontijiel gIIandhom jintammu fl-Uffi6eju

Regimattal-Borl:a u ghandhom ikunu dejjem miftu bin gball-ispeuron

tal,membri lal-Kunsill, u hekk kif il-Kunsill jista' minn tmien ghal

tmien jislabbiliui ,

(vi) L-udiluri ~andhom jinllatru t a' kull stlla mill- Kunsill b'dik

ir-rimunerazzjon i li jlftiehcm dwarha I- Kunsill,

(vii) L-udiluri tal-Borta ghandhom jedd jallendu kull laqgha

spetjali msejl'la skond ma hem m fis-subpa.-agrafu (a) tal -paragrafu (iv)

la 'I- A rtikolu 8 la' dan 1- Istalul u jirtievu kull avvii ta ' Iaqgl'la spetjali, u

kull komunikazzjoni li ghandha ~ 'taqsam ma', di k il -Iaqgha li membru

tal-Bona jkollu jedd jirtievi, u Ji JinslemgJJu r xi laqgJJa spetjali li

jaltendu gh.aliha dwar kun baia li lilY diskusu fil-Iaqgh.a sakemm din

Ikun tl ' interess gIIalihom bbala udiluri .

Fond ta ' Kum ~ns

(I) The Councilslla ll by bye-laws establish a Compcnution Fund

for the purpose of ensuri ng the securityQf Exchange transactions in the

cvcnt of financia l difficulties of any member to meet his obligations

towards the investing public.

(il ) Suet! fund shall be regulated in slIch a manner as may be

provided for in the bye ·laws.~.

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