9 Feb 1999
PEARL SECURITIES LTD. v. THE STOCK EXCHANGE OF HONG KONG LTD.
- Citation
- PEARL SECURITIES LTD. v. THE STOCK EXCHANGE OF HONG KONG LTD.
- Court
- Court of First Instance
- Case number
- HCAL39/1998
The court held the balloting system is unlawful to the extent it prevents applicants for corporate membership being given advance notice of the gist of concerns relied on by councillors when at least four councillors are minded to vote against admission, and to the extent it prevents the provision of intelligible reasons when an application is refused. The duty to act fairly in this regulatory context is for the court to determine; anonymity of dissenters need not be disclosed to applicants but internal identification and explanation of concerns are required so that the applicant can respond…