Amendment to SE Control Act 1, 1985 - Membership

The amended Act together with the JSE's new rules, effective from 8 November 1995, cater for the following categories of members:

- a natural person;

- a partnership of natural persons;

- a private company - corporate member with unlimited liability;

- a public company or a private company with limited liability having:

- only stockbrokers as its shareholders; or

- non-stockbroker shareholders with a prescribed minimum number of shareholders as directors.

A stockbroker will be required to be a member of the South African Institute of Stockbrokers ("the Institute") and may be a sole proprietor, a partner in a partnership, or a director of a corporate entity, or an employee of a member. If a person is a member of the Institute but is not a member of the JSE nor an employee of a member, that person is referred to as a non-practising stockbroker.