C370
SECURITIES (DISCLOSURE OF INTERESTS) BILL 1988
12. Clause 14 further refines the definition of interest in shares by specifying interests which are to be disregarded.
13. Clause 15 sets out the penalties for failure to perform or secure performance of notification requirements under this Part and empowers the Financial Secretary to impose restrictions on shares.
14. Clause 16 requires a listed company to maintain a register and index of interests notified to it under this Part.
15. Clause 17 requires listed companies to inform the Unified Exchange, the Commissioner for Securities and the Commissioner of Banking of information notified to them under this Part relating to listed shares and imposes a duty on the Unified Exchange to publish such information.
16. Clause 18 authorizes a listed company to investigate the ownership of its shares by requiring persons it knows or reasonably believes to be or to have been within the previous 3 years, interested in its shares to supply it with information.
17. Clause 19 requires a listed company to register information received by it under clause 18 relating to present interests in shares.
18. Clause 20 requires listed companies to inform the Unified Exchange, the Commissioner for Securities and the Commissioner of Banking of information received under clause 18 relating to listed shares and imposes a duty on the Unified Exchange to publish such information.
19. Clause 21 enables members who together hold at least 10 per cent of the paid-up capital of a listed company to require the company to exercise its powers under clause 18 to investigate the ownership of its shares.
20. Clause 22 requires a listed company which has been requisitioned under clause 18 to carry out an investigation, to prepare a report of its investigation (and interim reports where the investigation takes longer than 3 months), to make such reports available at its registered office and to notify the requisitionists of such availability.
21. Clause 23 requires reports prepared under clause 22 relating to listed shares to be delivered to the Unified Exchange, the Commissioner for Securities and the Commissioner of Banking. The Unified Exchange is required to publish such reports.
22. Clause 24 provides the penalties for failing to give a listed company information requested in an investigation under clause 18 including an order by the High Court imposing restrictions on shares.
23. Clause 25 authorizes a listed company to remove out-of-date and incorrect entries from the register of interests in shares and enables a person to obtain an order from the High Court directing removal of an entry where removal has been wrongly refused by the company.
24. Clause 26 provides that unless permitted under clause 25 entries are not to be removed from the register.
25.
Clause 27 requires the register of interests in shares and any report prepared under clause 22 to be available for public inspection. Copies may be obtained upon payment of a fee.