23. Application by client for compensation
(1) Any client of an authorised sharebroker who has made a deposit as aforesaid or given equivalent security having a claim or demand against such sharebroker in his capacity of sharebroker may, at any time before the expiration of six months after such sharebroker has ceased to carry on business in Western Australia as a sharebroker, apply to the Registrar for an order that he be compensated out of the said deposit or security for loss sustained by him by reason of breach of duty or of contract, or misconduct, or default on the part of the sharebroker.
(2) On the hearing of such application the Registrar may make such order as to compensation as he in his absolute discretion deems proper, or may refuse to make an order.
(3) When compensation is ordered by the Registrar to be paid to any applicant, the amount thereof shall be paid by the Treasurer out of the moneys or security deposited by the authorised sharebroker concerned, and for that purpose the Treasurer may realise any such security and deduct from the proceeds thereof the cost of realising the same.
(4) The sharebroker concerned and any person liable under any bond to pay any compensation awarded shall be entitled to be heard, if he so desires, on the hearing of any application under this regulation.