(1) Without limiting section 48, where the Commission is of the opinion that it is necessary to prohibit trading in particular securities of, or made available by, a body corporate on a securities exchange in order to protect tile interest of the public, the Board may give notice in writing to the exchange stating that it has formed that opinion and setting out it reasons.

(2) If, after the receipt of the notice, the exchange does not take action to prevent trading in the securities to which the notice relates, and tile Commission is still of the opinion that it is necessary to prohibit trading in those securities on that exchange, the Commission may, by notice in writing to that exchange, prohibit trading in those securities on that exchange during the period, not more than fourteen days, that may be specified in the notice.

(3) Where the Commission gives a notice to a securities exchange under subsection (2), the Commission shall

(a) at the same time send a copy of the notice to the body corporate together with a statement setting out the reasons for the giving of the notice; and

(b) as soon as practicable furnish to the Minister a written report setting out the reasons for giving the notice and send a copy of the report to the securities exchange.

(4) A securities exchange which permits trading in securities on the exchange in contravention of a notice under subsection (2) is liable to pay to the Commission an administrative penalty of five hundred penalty units and to a further administrative penalty of twenty-five penalty units for each day that the defaults continues.