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is made available or disclosed, whether by circular or public announcement,
to the other members at the same time; and if any company makes
default in complying with this subsection, the company and every
officer of the company who is in default shall be liable to a
default fine of $500."
9.4
There were many criticisms of the draft clause, particularly
as to the wide scope of the information covered and as to the lack of
exemptions in respect of information supplied to such persons as
auditors.
9.5
A revised version of the proposed Section 155D appeared
in the Companies (Amendment) Bill 1983 but, again, there was criticism
and Government decided that the clause should be deleted and the
matter referred to the Standing Committee for consideration.
revised form of the proposed Section 155D in the 1983 Bill was as
follows:
"(1) Subject to subsection (3), no company shall
make available or disclose to any person at
}
The
any time any information to which this section
applies unless that information is made available
or disclosed at the same time, whether by
circular or public announcement, to all the
members of the company; and if any company makes
default in complying with this subsection, the
company and every officer of the company who is
in default shall be liable to a default fine
of $500.
(2) This section applies to information which, as
respects a company
-
(a) relates to specific matters relating or of
concern (directly or indirectly) to that
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