Section 14: Clearing and settlement facility rules
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
14. Clearing and settlement facility rules
(1) A clearing and settlement facility may make rules, not inconsistent
with this Act, any regulations made under this Act, or any FSC Rules, for or
with respect to the operation of the facility.
(2) Rules made under subsection (1) may provide for—
(a) clearing and settlement procedures;
(b) the operation of a book-entry system;
(c) the dematerialisation of securities in connection with the facility.
(3) Rules made under this section shall be of no effect unless approved
by the Commission.
(4) Rules made under this section shall have the effect of a contract
between—
(a) the clearing and settlement facility; and
(b) each person permitted to use the clearing and settlement facility,
under which each of those persons agrees to observe and perform the obligations imposed on the person by those rules.
[S. 14 amended by s. 11 of Act 15 of 2007 w.e.f. 28 September 2007.]