Clause 196

by inserting, immediately after the definition of “advocate and solicitor” in section 2, the following definition:“ “approved exchange” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);”;

by deleting the words “a securities exchange” in the following sections and substituting in each case the words “an approved exchange”:Sections 2 (paragraph (a)(v)(B) of the definition of “business trust”), 13(13) and (18)(a), 76(1)(a), 79(9) and 101(1)(a), (b) and (i);

by deleting the words “section 239(1)” in the definition of “debenture” in section 2 and substituting the words “section 2(1)”;

by deleting the definition of “securities exchange” in section 2;

by deleting the words “the securities exchange” wherever they appear in the following sections and substituting in each case the words “the approved exchange”:Sections 13(13), 79(1) and 101(1)(b);

by deleting the definition of “real estate investment trust” in section 40A(14) and substituting the following definition:“ “real estate investment trust” has the same meaning as in section 2(1) of the Securities and Futures Act.”; and

by deleting paragraph (a) of section 51(2) and substituting the following paragraph:“(a)are no longer held by any person other than —

a person who acquired units or derivatives of units in the business trust pursuant to an offer made in reliance on an exemption under section 274 of the Securities and Futures Act;

a person who acquired the units or derivatives of units in the business trust pursuant to an offer mentioned in section 275(1A) of that Act; or

a relevant person as defined under section 275(2) of that Act; or”.