12A. Funds of Financial Exchange

(1)	The executive committee may require members to contribute towards the funds of the financial exchange as a contribution towards carrying on the business of such financial exchange.

(2)	Notwithstanding the provisions of any law or the common law and without affecting its status as a non-proprietary financial exchange, the executive committee may —

(a)	if such financial exchange has assets which are surplus to its requirements;

(b)	after making appropriate and proper provision for any liabilities of such financial exchange;

(c)	with the approval of its members in terms of the constitution of such financial exchange; and

(d)	with the written consent of the Registrar,

resolve to distribute such surplus assets to members or past members, whether upon a restructuring of such financial exchange or otherwise.

(3) A financial exchange which ceases to be licensed, shall be dissolved in terms of its rules.

[Section 12A inserted by section 8 of Act 55 of 1995]

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