Power of board
13.2 (1) For the purposes of the object of the OTC Corporation under subsection 13.1 (1), the OTC board of directors has the power to govern and regulate, (a) the OTC quotation and trade reporting system; (b) the conduct of Participants and of their current and former directors, officers, employees and agents and other persons or companies currently or formerly associated with them in their use of the OTC quotation and trade reporting system, but only in respect of their conduct while employed or associated with a Participant; and (c) the conduct of former Participants and of their current and former directors, officers, employees and agents and other persons or companies currently or formerly associated with them in their use of the OTC quotation and trade reporting system, but only in respect of their conduct while a Participant or while employed or associated with a Participant.  1997, c. 19, s. 26 (7); 1999, c. 9, s. 226 (1, 2). Rulings, etc. (2) In the exercise of the powers set out in subsection (1), the OTC board of directors may make such rulings, adopt such policies, rules and regulations and issue such orders and directions as it considers necessary for the purpose, including the imposition of trading halts and penalties and forfeitures for the breach of any such ruling, policy, rule, regulation, direction or order.  1997, c. 19, s. 26 (7). Restriction or suspension of privileges (3) If the OTC board of directors makes a rule or regulation or issues an order or direction under subsection (2) restricting or suspending the privileges of any person or company before a hearing of the matter is held, the rule, regulation, order or direction shall provide that any such restriction or suspension shall be imposed only where the OTC board of directors considers it necessary for the protection of the public interest and that the restriction or suspension shall expire within 30 days after the date on which it was imposed unless a hearing is held within that period of time to confirm or set aside the restriction or suspension.  1997, c. 19, s. 26 (7); 1999, c. 9, s. 226 (3). Delegation (4) The OTC board of directors may delegate to one or more persons, companies or committees, subject to such limitations, restrictions, conditions and requirements as the OTC board of directors may determine, the power of the OTC board of directors, (a) to consider, hold hearings and make determinations regarding applications for any acceptance, approval or authorization and to impose terms and conditions on any such acceptance, approval or authorization; (b) to investigate and examine the business conduct of Participants, former Participants and other persons or companies referred to in clauses (1) (b) and (c) in their use of the OTC quotation and trade reporting system; and (c) to hold hearings, make determinations and discipline Participants, former Participants and other persons or companies referred to in clauses (1) (b) and (c) in matters related to their business conduct in the use of the OTC quotation and trade reporting system.  1997, c. 19, s. 26 (7); 1999, c. 9, s. 226 (4-6). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 26 (7) - 10/10/1997; 1999, c. 9, s. 226 (1-6) - 14/12/1999 PART IV   GENERAL