A454
Ord. No. 72/88
(Cap. 333)
(Cap. 155)
(Cap. 41)
(Cap. 333)
TELEVISION (AMENDMENT)
(b) an interest which subsists by virtue of—
(i) any unit trust or mutual fund corporation authorized under section 15 of the Securities Ordinance;
(ii) a charitable scheme made by order of any court of competent jurisdiction; or
(iii) the vesting of a deceased's estate in any judicial officer between the time of death and the grant of letters of administration;
(c) an interest for the life of himself or another of a person under a settlement where the property com- prised in the settlement consists of or includes shares, and the conditions mentioned in subsec- tion (3) are satisfied;
(d) an exempt security interest;
(e) an interest in shares held by the Registrar of the
Supreme Court; or
(such interests, or interests of such a class or descrip- tion, as may be prescribed for the purposes of this paragraph by regulations made by the Governor in Council.
(2) A person is not by virtue of section 17K(4)(b) to be taken as having a relevant interest in shares by reason only of the fact that he has been appointed a proxy to vote at a specified meeting of a licensee or other company or of any class of its members and at any adjournment of that meeting, or has been appointed by a corporation to act as its re- presentative at any meeting of a licensee or other company or of any class of its members.
(3) The conditions referred to in subsection (1)(c) are, in relation to a settlement—
(a) that it is irrevocable; and
(b) that the settlor has no interest in any income arising under, or property comprised in, the settlement.
(4) An interest in shares is an exempt security interest for the purpose of subsection (1) if it is held—
(a) by a person who is-
(i) a bank or deposit-taking company licensed or registered under the Banking Ordinance;
(ii) an insurer who is authorized within the meaning of the Insurance Companies Ordinance; or
(iii) a stockbroker, an exempt dealer or a regis- tered dealer within the meaning of the Securities Ordinance; and
(b) by way of security only for the purposes of a transaction entered into in the ordinary course of his business as such a person.
A