exceed total amount payable (1) Where the amount in a fidelity fund of a
securities exchange is insufficient to pay the whole of the amount of all
claims against it that have been allowed or in respect of which orders of
the Court have been made:
- (a)
- the amount in the fund must, subject to
subsection (2), be apportioned among the claimants in such manner as the
board thinks equitable; and
- (b)
- such a claim so far as it then remains unpaid is taken to be charged
against future receipts of the fund and paid out of the fund when moneys are
available in the fund.
(2) Where the total of all claims that have been allowed or in respect of
which orders of the Court have been made in relation to defalcation or
fraudulent misuses of property by or in connection with a sole trader or
partner in a member firm recognised by a securities exchange exceeds the total
amount that may, under section 907, be paid under this Part in respect of
that sole trader or member firm:
- (a)
- the total amount must be apportioned
among the claimants in such manner as the board thinks equitable; and
- (b)
- on payment out of the fund of that total amount in accordance with that
apportionment all such claims and any orders relating to those claims and all
other claims against the fund that may subsequently arise or be made in
respect of defalcations or fraudulent misuses of property by or in connection
with that sole trader or member firm are discharged.