Hong Kong Ordinances

SECURITIES AND FUTURES ORDINANCE - SECT 49

Disclaimer of property, rescission of contracts, etc.

(1) Section 59 of the Bankruptcy Ordinance ( Cap 6) and section 268 of the
Companies Ordinance ( Cap 32) do not apply in relation to-

   (a)  a market contract;

   (b)  a contract effected by a recognized clearing house for the purpose of
        realizing property provided as market collateral;

   (c)  a market charge; or

   (d)  any default proceedings.

(2) Section 42 of the Bankruptcy Ordinance ( Cap 6) and section 182 of the
Companies Ordinance ( Cap 32) do not apply in relation to any act, matter or
thing which has been done pursuant to-

   (a)  a market contract;

   (b)  a disposal of property pursuant to a market contract;

   (c)  the provision of market collateral;

   (d)  a contract effected by a recognized clearing house for the purpose of
        realizing property provided as market collateral, or any disposal of
        property pursuant to such a contract;

   (e)  a disposal of property in accordance with the rules of a recognized
        clearing house as to the application of property provided as
        market collateral;

   (f)  a disposal of property as a result of which the property becomes
        subject to a market charge, or any transaction pursuant to which that
        disposal is made;

   (g)  a disposal of property made in enforcing a market charge;

   (h)  a market charge; or

   (i)  any default proceedings.