Section 12Part 0 —
Approval of Articles and rules by the Authority
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No Article or rule or amendment to or rescission of the Articles or rules or any of them shall have effect unless first approved in writing by the Authority.
Where it is proposed to make or rescind any Article or rule, or any amendment thereto the Exchange shall forward written notice of such proposal together with a draft of the proposed Article, rule, rescission or amendment, as the case may be, to the Authority for its approval.
Within two weeks after receipt of a notice under subsection (2), the Authority shall give written notice to the Exchange either that it disapproves of the whole or any specified part of the proposed Article, rule, rescission or amendment or that the proposed Article, rule, rescission or amendment, as the case may be, meets with its approval.
The Authority may, in a particular case, with the agreement of the Exchange, extend the period prescribed by subsection (3).
The Authority may, in writing, request the Exchange to make, rescind or amend any Article or rule and, if the Authority makes such a request, the Exchange shall comply with the request as soon as practicable after its receipt by the Exchange.