Financial Markets Control Act, 1989 (Act No. 55 of 1989)31. Power of Court to Declare Member or Officer or Employee of Member or Person Approved in terms of Section 5 Disqualified |
| (1) | If a court — |
| (a) | convicts a member or officer or employee of a member or a person approved in terms of section 5 of an offence under this Act or of an offence of which any dishonest act or omission is an element; or |
| (b) | finds, in proceedings to which a member or officer or employee of a member or a person approved in terms of section 5 or such person's officer or employee is a party or in which such member's, officer's, employee's or person's conduct is called in question, that such member, officer, employee or person has been guilty of dishonest conduct, |
the court may (in addition, in a case referred to in paragraph (a), to any sentence it may impose) declare that member, officer or employee of a member or person or such person's officer or employee to be disqualified, for an indefinite period or for a period specified by the court, from carrying on the business of a member or from being an officer or employee of a member or from carrying on the business referred to in section 5, as the case may be.
| (2) | The court may, on sufficient cause shown, vary a declaration made under subsection (1). |
| (3) | The registrar or clerk of any court which has made any declaration under subsection (1) or varied any declaration under subsection (2), shall forthwith notify the Registrar and the executive committee of the financial exchange at which the member carries on business, or of which the officer or the employee of a member is employed, of that declaration or variation. |
| (4) | No declaration made under subsection (1) shall affect any right on the part of the executive committee concerned to take disciplinary action against the member, or the officer or employee of a member, concerned. |
[Section 31 substituted by section 24 of Act 55 of 1995]