A356
Ord. No. 63/88
Penalty for
failure to
provide
information
SECURITIES (DISCLOSURE OF INTERESTS)
(4) The duty imposed on a listed company by subsection (1) or (3) must be performed before the end of the day next following that on which the report is first made available at the company's registered office.
(5) If a listed company makes default in complying with this section the company and every officer of it who is in default commits an offence and is liable to a fine of $2,000.
24. (1) Where a notification is served by a listed company under section 18 on a person who is or was interested in shares of the
and company that person fails to give the company any information required by the 1985 c. 6, s. 216 notification within the time specified in it, the company may apply to the High Court for an order directing that the shares in question be subject to the restrictions of Part V.
Removal of
entries from
register
1985 c. 6, s. 217
(2) Such an order may be made by the High Court notwithstanding any power contained in the applicant company's memorandum or articles enabling the company itself to impose similar restrictions on the shares in question.
(3) Subject to the following subsections, a person who fails to comply with a notification under section 18 or who, in purported compliance with such a notification, makes any statement which he knows to be false in a material particular or recklessly makes any statement which is false in a material particular commits an offence and is liable on summary conviction to a fine of $10,000 and to imprisonment for 6 months and on conviction upon indictment to a fine of $100,000 and to imprisonment for 2 years.
(4) A person is not guilty of an offence by virtue of failing to comply with a notification under section 18 if he proves that the requirement to give the information was frivolous or vexatious.
(5) A person is not obliged to comply with a notification under section 18 if he is for the time being exempted by the Financial Secretary by notice in the Gazette from the operation of that section.
25. (1) A company may remove an entry against a person's name from its register of interests in shares if more than 6 years have elapsed since the date of the entry being made, and either-
(a) that entry recorded the fact that the person in question had ceased to have an interest notifiable under this Part in relevant share capital of the company; or
(b) it has been superseded by a later entry made under section 16
against the same person's name,
and in a case within paragraph (a) the company may also remove that person's name from the register.
(2) If a person in pursuance of a duty imposed on him by any provision of this Part gives to a company the name and address of another person as being interested in shares in the company, the company shall, within 15 days of the date on which it was given that information, notify the other person that he has been so named and shall include in that notification-
(a) particulars of any entry relating to him made, in consequence of its being given that information, by the company in its register of interests in shares; and
鼻
SECURITIES (DISCLOSURE OF INTERESTS)
Ord. No. 63/88
A357
(b) a statement informing him of his right to apply to have the entry removed in accordance with the following provisions of this section.
(3) A person who has been notified by a company in pursuance of subsection (2) that an entry relating to him has been made in the company's register of interests in shares may apply in writing to the company for the removal of that entry from the register; and the company shall remove the entry if satisfied that the information in pursuance of which the entry was made was incorrect.
(4) If a person who is identified in a company's register of interests in shares as being a party to an agreement to which section 9 applies (whether by an entry against his own name or by an entry relating to him made against another person's name as mentioned in subsection (2)(a)) ceases to be a party to that agreement, he may apply in writing to the company for the inclusion of that information in the register; and if the company is satisfied that he has ceased to be a party to the agreement, it shall record that information (if not already recorded) in every place where his name appears as a party to that agreement in the register.
(5) If an application under subsection (3) or (4) is refused (in a case within subsection (4), otherwise than on the ground that the information has already been recorded) the applicant may apply to the High Court for an order directing the company to remove the entry in question from the register or (as the case may be) to include the information in question in the register; and the High Court may, if it thinks fit, make such an order.
(6) Where a name is removed from a company's register of interests in shares in pursuance of subsection (1) or (3) or an order under subsection (5), the company shall within 14 days of the date of that removal make any necessary alteration in any associated index.
(7) If default is made in complying with subsection (2) or (6), the listed company and every officer of it who is in default commits an offence and is liable to a fine of $2,000 and, in the case of a continuing offence, to a further fine of $200 for each day during which the offence continues.
26. (1) Entries in a company's register of interests in shares shall not Otherwise,
be deleted except in accordance with section 25.
entries not to be removed
(2) If an entry is deleted from a company's register of interests in 1985 c. 6, s. 218 shares in contravention of subsection (1), the company shall restore that
entry to the register as soon as is reasonably practicable.
(3) If default is made in complying with subsection (1) or (2), the company and every officer of it who is in default commits an offence and is liable to a fine of $2,000 and, in the case of a continuing offence, to a further fine of $200 for each day during which the offence continues.
1985 c. 6, s. 219
27. (1) Any register of interests in shares and any report which is Inspection of required by section 22(7) to be available for inspection in accordance with register and this section shall, during business hours (subject to such reasonable reports restrictions as the company may in general meeting impose, but so that not less than 2 hours in each day are allowed for inspection) be open to the inspection of any member of the company or of any other person without charge.