Section 149: Representative proceedings

149. Representative proceedings (1) A person (the “applicant”) who commences proceedings in any Court for damages or other relief under Part V, regulations made under Part VII, Part VIII, or under Part IX may, with the leave of the Court, commence and maintain those proceedings in the name of the applicant and for all persons who have a claim against the defendant in the proceedings (the “claimants”), being a claim in which substantially the same questions of fact or law arise. (2) In representative proceedings, the Court may make any appropriate order for the conduct of the proceedings, including orders— (a) for advertising the commencement of the proceedings; (b) for the identification of claimants; and (c) in respect of claimants who do not wish to pursue their claims through the proceedings. (3) Where a claimant, either before or after the representative proceedings are commenced but before they are determined, commences another set of proceedings in respect of the same loss, the claimant shall not be entitled to recover in the representative proceedings, and the Court may make any appropriate order for the conduct of the relevant proceedings. (4) The applicant shall conduct representative proceedings to the exclusion of the claimants concerned, and may withdraw, abandon or compromise the proceedings, but an agreement or compromise of the proceedings shall be subject to the approval of the Court. S7 – 55 [Issue 1] Securities Act (5) In giving judgment in representative proceedings, or in approving a compromise or agreement in relation to such proceedings, the Court shall make orders for the publication of the judgment and any related matter in the Gazette and otherwise as the Court may direct. (6) A judgment or order in representative proceedings binds all claimants other than— (a) those that the Court has by order excluded from the proceedings under subsection (2) (c) or otherwise; and (b) claimants mentioned in subsection (3). (7) The Commission may, with the leave of the Court, commence representative proceedings as applicant even though it has not suffered any loss or damage, but may only recover for itself its costs incurred in the proceedings.