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Formal Consolidation |  1993 RevEd
Liabilities of Commodity Futures Exchange and clearing house
11.—(1)  Any person, who is aggrieved by the failure of a Commodity Futures Exchange or a clearing house or any of the directors or employees of the Commodity Futures Exchange or clearing house to enforce its business rules or in enforcing those business rules contravenes this Act or any regulations made thereunder, has a right of action in damages for the actual amount of damages suffered by that person in any transaction that he has entered into on or subject to the business rules of a commodity futures market that is directly attributable to the failure to enforce, or in the enforcement of the business rules, in contravention of this Act or any regulations made thereunder.
(2)  No action for damages shall lie against a Commodity Futures Exchange or a clearing house, or any of its directors or employees under subsection (1) unless the aggrieved person can show that, in failing to take action or in taking such action as was taken resulting in loss to him, the Commodity Futures Exchange or the clearing house, or any of the directors or employees, acted in bad faith.
(3)  The right of action conferred by this section shall be the exclusive remedy available to any person who suffers loss as a result of an alleged failure of a Commodity Futures Exchange or a clearing house, or any of its directors or employees, to enforce its business rules, or in enforcing those business rules, has contravened this Act or any regulations made thereunder.
Informal Consolidation | Amended Act 22 of 2001
Liabilities of commodity market, Commodity Futures Exchange and clearing house
11.—(1)  Any person, who is aggrieved by the failure of a commodity market or a Commodity Futures Exchange or a clearing house or any of the directors or employees of the commodity market or the Commodity Futures Exchange or clearing house to enforce its business rules or in enforcing those business rules contravenes this Act or any regulations made thereunder, has a right of action in damages for the actual amount of damages suffered by that person in any transaction that he has entered into on or subject to the business rules of a commodity market or a commodity futures market that is directly attributable to the failure to enforce, or in the enforcement of the business rules, in contravention of this Act or any regulations made thereunder.
[22/2001 wef 27/06/2001]
(2)  No action for damages shall lie against a commodity market or a Commodity Futures Exchange or a clearing house, or any of its directors or employees under subsection (1) unless the aggrieved person can show that, in failing to take action or in taking such action as was taken resulting in loss to him, the commodity market or the Commodity Futures Exchange or the clearing house, or any of the directors or employees, acted in bad faith.
[22/2001 wef 27/06/2001]
(3)  The right of action conferred by this section shall be the exclusive remedy available to any person who suffers loss as a result of an alleged failure of a commodity market or a Commodity Futures Exchange or a clearing house, or any of its directors or employees, to enforce its business rules, or in enforcing those business rules, has contravened this Act or any regulations made thereunder.
[22/2001 wef 27/06/2001]