Interests to be disregarded
(Cap. 333)
TELEVISION (AMENDMENT) BILL 1988
(a) he has a right to call for delivery of the shares to
himself or to his order; or
(b) he has a right to acquire an interest in shares or is
under an obligation to take an interest in shares, whether in any case the right or obligation is conditional or absolute.
(6) For the purpose of subsection (4)(b), a person shall be regarded as being entitled to exercise or control the exercise of any right conferred by the holding of shares if he
(a) has a right (whether subject to conditions or not) the
exercise of which would make him so entitled; or
(b) is under an obligation (whether so subject or not) the fulfilment of which would make him so entitled. (7) It is immaterial for the purposes of this Ordin- ance that shares in which a person has an interest are unidentifiable.
17L. (1) In determining for the purposes of this Ordinance whether or not a person has a relevant interest in a share the following interests shall be disregarded-
(a) where property is held on trust and an interest in shares is comprised in that property, an interest in reversion or remainder or of a bare trustee or a custodian trustee, and any discretionary interest;
(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 13(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
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