C374
SECURITIES (DISCLOSURE OF INTERESTS) BILL 1988
34. Clause 36 requires officers and agents of a listed company or associated corporation being investigated under this Part, and any other person the inspector considers may have relevant information, to produce documents requested, to attend before the inspector and to assist the investigation. Such persons may be examined on oath. They may not refuse to answer questions on the ground that the answers may incriminate them but where objection to answering any question is taken on this ground the answer given may not be used in criminal proceedings against that person (except a charge relating to perjury).
35. Clause 37 enables an inspector to delegate certain of his powers.
36. Clause 38 provides that a refusal to produce documents to an inspector, attend before him or answer his questions may be referred to the High Court and treated as contempt of court.
37. Clause 39 provides that an inspector may, and shall if so directed by the Financial Secretary, make interim reports of his investigations and, on the conclusion of an investigation must make a final report. The Financial Secretary is given a discretion to make reports available to specified interested persons and to have reports printed and published.
38. Clause 40 provides that the expenses of an investigation under this Part are to be borne in the first instance by the general revenue but that certain persons are liable to recompense the Government.
39. Clause 41 authorizes the Financial Secretary to make an order imposing restrictions on shares where there are difficulties in finding out relevant facts in connection with an investigation.
40. Clause 42 empowers the Financial Secretary himself to obtain information concerning interests in shares or debentures where he considers it unnecessary to appoint an inspector.
41. Clause 43 gives lawyers and authorized financial institutions a limited exemption from obligations to disclose information under this part.
PART V
ORDERS IMPOSING RESTRICTIONS ON SHARES
42.
Clause 44 describes the effect of orders made by the Financial Secretary under clause 15 or 41 or by the High Court under clause 24 imposing restrictions on shares.
43. Clause 45 prescribes the penalties for evasion or attempted evasion of restrictions on shares imposed by the Financial Secretary or the High Court.
44. Clause 46 provides for the removal by the High Court of restrictions imposed on shares, and the sale, subject to the court's approval, of shares subject to restrictions.
45.
Clause 47 provides that where shares are sold under clause 46 the proceeds of the sale are to be paid into court for the benefit of the persons beneficially entitled.