Financial Markets Control Act, 1989 (Act No. 55 of 1989)33. Winding-up by Court |
| (1) | An order for the winding-up of a financial exchange may be granted by the court on the application of — |
| (a) | the financial exchange; |
| (b) | one or more of its creditors; |
| (c) | one or more of its members; |
| (d) | jointly, any of or all the parties mentioned in paragraphs (a), (b) and (c); |
| (e) | the provisional judicial manager or final judicial manager of the financial exchange; or |
| (f) | the Registrar. |
(2)
| (a) | Subject to section 35, the provisions of the Companies Act, 1973, relating to the winding-up of companies by the court shall mutatis mutandis apply to a financial exchange. |
| (b) | In the application of the provisions of the said Act — |
| (i) | section 346 (3) shall be construed as if after the words "except an application by" there were inserted the words "the Registrar of Financial Markets or"; |
| (ii) | section 346 (4) (a) shall be construed as if after the words "lodged with the Master" there were inserted the words " and Registrar of Financial Markets"; |
| (iii) | section 346 (4) (b) shall be construed as if after the word "Master" there were inserted the words "or Registrar of Financial Markets"; and |
| (iv) | section 357 shall be construed as if the Registrar were included among the persons to whom notice is required to be given under subsection (1) (b) of that section. |
| (3) | An order for the winding-up of a financial exchange by the court shall not be made unless the court is satisfied that it is not desirable that the financial exchange be placed under judicial management. |
| (4) | Section 32 (3) and (4) shall mutatis mutandis apply in the case of the winding-up of a financial exchange by the court. |