Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Securities Council Act (No. 36 of 1987) - Sect 24

In case such rules are disallowed the Council shall give reasons for such disallowance

24.
(1) The rules of a licensed stock exchange, in so far as they have been approved by the Council, shall not be amended, varied or rescinded without the prior approval of the Council.
(2) Where the Board of Directors of a licensed stock exchange wish to amend its rules it shall forward by written notice to the Council the amendments, whether by rescission, alternation or addition, to such rules which such licensed stock exchange wish to make.
(3) The Council shall, after hearing the licensed stock exchange, and within twenty-one days of receipt of a notice under subsection (2) give written notice to the stock exchange stating whether such amendments to the rules are allowed or disallowed.
(4) Upon receipt of notice under subsection (3), the stock exchange, shall give immediate effect to such notice.

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]