CHARTERED INSTITUTE OF STOCKBROKERS ACT

Section 11: Penalties for unprofessional conduct

1992Section 11 of 19Federal Republic of Nigeria

(1) Where-
(a) a person registered under this Act is adjudged by the tribunal to be guilty of infamous conduct in any professional respect; or
(b) a person registered under this Act is convicted, by any court in Nigeria or elsewhere by any court or tribunal having power to award punishment for an offence (whether or not such offence is punishable with imprisonment) which in the opinion of the Tribunal is incompatible with the status of a member of the profession; or
(c) the Tribunal is satisfied that the name of any person has been fraudulently registered, the Tribunal may, if it thinks fit, give a direction reprimanding that person or ordering the Registrar to strike his name off the relevant part of the register.
(2) The Tribunal may, if it thinks fit, defer its decision as to the giving of a direction under subsection (1) of this section until a subsequent meeting of the Tribunal.
(3) No decision of the Tribunal shall be deferred under subsection (2) of this section for periods exceeding one year in the aggregate.
(4) As far as possible no person shall be a member of the Tribunal for the purposes of reaching a decision which has been deferred or further deferred, unless he was present as a member of the Tribunal when the decision was deferred.
(5) For the purposes of subsection (1) of this section, a person shall not be treated as convicted unless the conviction stands at a time when no appeal or further appeal is pending or may (without extension of time) be brought in connection with the conviction.
(6) When the Tribunal gives a direction under subsection (1) of this section, the Tribunal shall cause notice of the direction to be served on the person to whom it relates.
(7) The person to whom such a direction relates may, at any time within twenty-eight days from the date of service on him of the direction, appeal against the direction to the Federal High Court and the Tribunal may appear as respondent to the appeal and, for the purpose of enabling directions to be given as to the costs of the appeal and of proceedings before the Tribunal, the Tribunal shall be deemed to be a party thereto whether or not it appears on the hearing of the appeal.
(8)
A direction of the Tribunal given under subsection (1) of this section shall take effect where-
(a) no appeal under this section is brought against the direction within the time limited for such an appeal, or on the expiration of that time; or
(b) such an appeal is brought and is withdrawn or struck out for want of prosecution, on the withdrawal or striking out of the appeal;
(c) such an appeal is brought and is not withdrawn or struck out as aforesaid, if and when the appeal is dismissed.
(9) A person whose name is removed from the register in pursuance of a direction of the tribunal under this section shall not be entitled to be registered again except in pursuance of a direction in that behalf given by the Tribunal on the application of that person.
(10) A direction under this section for the removal of a person's name from the register, may prohibit an application under subsection (9) of this section by that person until the expiration of such period from the date of the direction (and where he has duly made such an application, from the date of his last application) or as may be specified in the direction.

Cite this section

Section 11, CHARTERED INSTITUTE OF STOCKBROKERS ACT (1992).

https://repo.podus.ai/laws/chartered-institute-of-stockbrokers-act/section/11/