1638
388
200
358
210
-4 (1.87%)
154.5
-0.5 (0.32%)
2590
110
20
14
430
500
717
-13 (1.78%)

Chapter 3

Chapter 3Membership

Classes of Membership

3.01

There shall be two classes of member, namely Individual Members and Corporate Members.

Qualifications for Membership

3.02
  1. The qualifications of an applicant for admission as an Individual Member shall be that –
    1. he holds 1 fully-paid share in GASCI;
    2. he is registered by the Council as a securities intermediary under Part IV of the Act;
    3. he is a person of good character and integrity; and
    4. he is able to comply with such other requirements for membership, including financial and other resource requirements, as the Board may from time to time prescribe.
  2. The qualifications of an applicant for admission as a Corporate Member shall be that –
    1.  it holds 1 full-paid share in GASCI;
    2. it is registered by the Council as a securities company under Part IV of the Act;
    3. the only business carried on by it is securities business and those activities which are normally ancillary to such business;
    4. it is of good financial standing and integrity; and
    5. it is able to comply with such other requirements for membership, including financial and resource requirements, as the Board may from time to time prescribe.

Application for Membership

3.03

Any person who wishes to apply for membership of GASCI shall –

  1. apply to the General Manager in writing in such form as the Board may determine;
  2. in the case of a body corporate, submit an updated copy of its Articles of Incorporation and by-laws;
  3. provide proof to the satisfaction of the Board that his financial position is such as would enable him, at the time of making application, to comply with any capital requirement; and
  4. provide the Board with any such further information as the Board may require.

Refusal of Membership

3.05

The Board shall, before refusing admission to, or imposing conditions on, membership, comply with section 38(4) of the Act and hence there will be an opportunity for the applicant to be heard in accordance with the GASCI disciplinary procedures.

Admission to membership

3.04
  1. Where the Board is satisfied that an applicant is qualified to be a member under rule 3.02 the Board shall admit the applicant to membership subject to section 38(2) and (3) of the Act.
  2. Fair representation of each member in the administration of GASCI’s affairs is achieved by virtue of the requirement that each member holds 1 fully paid share in GASCI, which, subject to paragraph (3), entitles them to one vote at meetings of shareholders.
  3. All shareholders who are part of the same financial group are only entitled to vote one share between them.

Resignation

3.06
  1. A member who wishes to resign from membership of GASCI shall serve on the Board advance written notice of not less than 30 days to that effect, a copy of which shall be posted by GASCI on the notice board of GASCI.
  2. Notice of resignation, or resignation, shall not operate so as to avoid or affect the validity or enforceability of any agreement, transaction or arrangement (as to which these rules shall continue to apply) in relation to the member’s dealing in securities prior to the notice, and shall not prejudice the institution or continuation of any disciplinary proceedings under these rules.

Representatives

3.07

A member is required to have all his representatives registered with GASCI.

3.08

Every individual wishing to become registered as a representative by GASCI shall make an application in writing in the form prescribed by the Board from time to time and agree to abide by these rules and the rulings of the Board and if his application is approved, his name shall be placed upon the Register of Representatives kept by GASCI.

3.09

The qualifications of an applicant to be registered by GASCI as a representative are that –

  1. he is recommended by the member to whom he is accredited and who will be liable for all transactions made on his behalf by the representative;
  2. he is registered by the Council as a representative under the Securities Industry (Registration of Market Participants) Regulations 2002; and
  3. he has passed the hands-on practice examination of GASCI training programme and such other examinations as the Board or the Council may require.
3.10

GASCI shall have full power to investigate the conduct and integrity of any applicant for registration as a representative and shall have absolute discretion to withhold or to withdraw approval. Before withholding or withdrawing approval the Board will provide an opportunity for the applicant or representative to be heard in accordance with the GASCI disciplinary procedures.

Liability to expulsion

3.11
  1. A member who fails to continue to satisfy or comply with rule 3.02 shall be expelled by the Board from membership.
  2. Before expelling a member the Board will provide an opportunity for the member to be heard in accordance with the GASCI disciplinary procedures. Where the Board acts in accordance with section 38(6) of the Act the member will be suspended until the hearing is completed.
  3. Where a member is expelled from membership; the member shall cease to be a member of GASCI with the consequent loss of rights and privileges of membership, but any right of the other members against such a member accrued prior to such expulsion shall remain unimpaired.
  4. The Board shall notify the Council and the public that the member concerned has ceased to be a member of GASCI.

Change in Articles, By-Laws, Directors or Shareholders of Member

3.12

In the case of a Corporate Member–

  1. prior approval of the Board shall be required for any change in its articles or by-laws, or in the directors, of the member; and
  2. subsequent approval of the Board shall be required for any change in the shareholders of the member.

Responsibility of Members

3.13
  1. A member shall be responsible for all acts done, or omitted to be done, and contracts entered into by his representatives and any other employees.
  2. A member shall ensure that all his representatives and employees are suitable, adequately trained, qualified as necessary and properly supervised and duly authorised.

Registered Address

3.14

A member shall only carry on a business of dealing in securities at an address registered with GASCI, and the member shall notify GASCI forthwith in writing of any change in such address.

Voluntary Liquidation

3.15

A member shall not go into voluntary liquidation without giving the Board not less than 30 days advance written notice of its intention to do so.