Settlement Guarantee Fund Article A A fund known as The

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Settlement Guarantee Fund Article A A fund known as The Powered By Docstoc
					                   Settlement Guarantee Fund

Article (90)

A- A fund known as (The Settlement Guarantee Fund) shall be
   established at the Center, and shall have a legal personality with
   financial autonomy. The Fund shall be administered by the
   Center.

B- Membership in the Fund shall be mandatory for Financial
   Brokers, Dealers and any other entity specified in the Fund’s by-
   laws.

C- In particular, the Fund shall have as its objectives the following:
   1. Covering the cash deficit of Fund members in connection
       with their purchases of securities;
   2. Covering the deficits in the securities account of Fund
       members in connection with sales of securities on the Stock
       Exchange.

D- Subject to Board approval, the Center’s board of directors, shall
   issue a by-law providing for the fund management, covering,
   inter alia, the fund’s subscription and membership fees and its
   member obligations, administration of assets, mode of
   operation, obligations towards members, and liquidation
   procedures.

E- The Fund shall be the legal and factual successor of the
   Financial Broker’s Guarantee Fund, whereby all the latter’s
   rights, obligations, assets, records and moneys shall devolve
   upon the Fund.

F- The Fund shall be subject to the Commission’s monitoring,
   supervision, inspection and audit of its records.