Clause 46

Where an Exchange reprimands, fines, suspends, expels or otherwise takes disciplinary action against a member of the Exchange, it shall forthwith inform the Authority in writing of the name of the member, the reason for, and nature of, the action taken, the amount of any fine and the period of any suspension.

The Authority may review any disciplinary action taken by an Exchange under subsection (1) and may affirm, modify or set aside the decision of the Exchange after giving the member and the Exchange an opportunity to be heard.

Nothing in this section shall preclude the Authority, in any case where an Exchange fails to act against a member, from itself suspending, expelling or otherwise disciplining a member of the Exchange, but before so doing the Authority shall give the member and the Exchange an opportunity to be heard.

Any person who is aggrieved by the decision of the Exchange or the Authority under this section may, within one month after he is notified of the decision, appeal to the Minister whose decision shall be final.