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SECURITIES (DISCLOSURE OF INTERESTS) BILL 1988
PART III
DISCLOSURE OF INTERESTS OF DIRECTORS, CHIEF EXECUTIVES AND THEIR FAMILIES
26. Clause 28 requires directors and chief executives of listed companies to notify their companies of their interests in shares in and debentures of such companies and of any changes in such interests. Details of what constitutes an interest for the purpose of this Part, the periods for performing the duty of disclosure and the circumstances in which a duty of disclosure is deemed to be not performed are set out in Parts I, II and III of the Schedule.
27. Clause 29 requires listed companies to keep a separate register of the interest of directors and chief executives notified to them under clause 28. Details of the register and the right to inspection of it are set out in Part IV of the Schedule.
28. Clause 30 specifies the penalties for non-compliance with requirements relating to the register. The High Court may compel inspection of the register where this has been refused and may order copies of it to be made.
29. Clause 31 provides that a director or chief executive of a listed company is taken to be interested in the shares or debentures in which his spouse or children are interested for the purpose of the duty of notification of interests to the company under clause 28.
30. Clause 32 requires listed companies to notify the Unified Exchange, the Commissioner for Securities and the Commissioner of Banking of matters relating to listed shares notified to them under this Part and imposes a duty on the Unified Exchange to publish such
matters.
PART IV
POWER TO INVESTIGATE LISTED COMPANY OWNERSHIP
31. Clause 33 authorizes the Financial Secretary to appoint inspectors to investigate the ownership of a listed company and requires him to do so when requested by not less than the number of members who could require an investigation of the affairs of a company under the Companies Ordinance.
32. Clause 34 authorizes the Financial Secretary to appoint inspectors to investigate whether directors or chief executives have failed to perform their duties of disclosure under Part III.
33. Clause 35 empowers an inspector appointed under clause 33 or 34 to investigate also, associated corporations of the listed company he was appointed to investigate. The inspector may report at any time to the Financial Secretary, matters tending to show the commission of an offence.