38Power of Ministerial Council to approve stock exchange

##### 38 Power of Ministerial Council to approve stock exchange (1) A body corporate that proposes to establish, maintain or provide a stock market may lodge with the Commission an application in writing for approval by the Ministerial Council as a stock exchange. (2) The Ministerial Council may, by instrument in writing, approve as a stock exchange a body corporate that makes an application under subsection (1) if it is satisfied: (a) that the business rules of the body corporate make satisfactory provision: (i) for the exclusion from membership of: (A) any person who is not of good character and high business integrity; and (B) any body corporate a director of which is not of good character and high business integrity; (ii) for the expulsion, suspension or disciplining of members for conduct inconsistent with just and equitable principles in the transaction of business or for a contravention of or failure to comply with the business rules of the proposed stock exchange or the provisions of this Act; (iii) with respect to the conditions under which securities may be listed for trading on the stock market of the proposed stock exchange; (iv) with respect to the conditions governing dealings in securities by members; (v) with respect to the class or classes of securities that may be dealt with by members; and (vi) generally for the carrying on of the business of the proposed stock exchange with due regard to the interests of the public; (b) that the body corporate has made or adopted listing rules and, where the listing rules are adopted, has made provision to the effect that an amendment to the rules so adopted made by another person is of no effect until the body corporate adopts the amendment; (c) that the listing rules made or adopted by the body corporate make satisfactory provision: (i) with respect to conditions under which securities may be traded on the stock market of the proposed stock exchange; and (ii) generally for the protection of the interests of the public; and (d) that the interests of the public will be served by the granting of its approval.