A360
Ord. No. 63/88
Schedule
SECURITIES (DISCLOSURE OF INTERESTS)
(3) The listed company is also under a duty, whenever it grants to a director or chief executive a right to subscribe for shares in, or debentures of, the listed company to enter in the register against his name—
(a) the date on which the right is granted;
(b) the period during which, or time at which, it is exercisable; (c) the consideration for the grant (or, if there is no consideration,
that fact); and
(d) the description of shares or debentures involved and the number or amount of them, and the price to be paid for them (or the consideration, if otherwise than in money).
(4) Whenever such a right as is mentioned in subsection (3) is exercised by a director or chief executive, the listed company is under a duty to enter in the register against his name that fact (identifying the right), the number or amount of shares or debentures in respect of which it is exercised and, if they were registered in his name, that fact and, if not, the name or names of the person or persons in whose name or names they were registered, together (if they were registered in the names of 2 persons or more) with the number or amount of the shares or debentures registered in the name of each of them.
(5) Part IV of the Schedule has effect with respect to the register to be kept under this section, to the way in which entries in it are to be made, to the right of inspection, and generally.
(6) For purposes of this section, a shadow director is deemed a director.
Sanctions for
30. (1) The following applies with respect to defaults in complying non-compliance with, and to contraventions of, section 29 and Part IV of the Schedule. 1985 c. 6, s. 326 Schedule
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(2) If default is made in complying with any of the following provisions-
(a) section 29(1), (2), (3) or (4); or
(b) the Schedule, paragraph 19, 20 or 26,
the listed company and every officer of it who is in default commits an offence.
(3) If an inspection of the register required under paragraph 23 of the Schedule is refused, or a copy required under paragraph 24 is not sent within the proper period, the listed company and every officer of it who is in default commits an offence.
(4) If default is made for 14 days in complying with paragraph 25 of the Schedule the listed company and every officer of it who is in default commits an offence.
(5) If default is made in complying with paragraph 27 of the Schedule the listed company and every officer of it who is in default commits an
offence.
(6) In the case of a refusal of an inspection of the register required under paragraph 23 of the Schedule, the High Court may by order compel an immediate inspection of it; and in the case of failure to send within the proper period a copy required under paragraph 24, the High Court may by order direct that the copy be sent to the person requiring it.
SECURITIES (DISCLOSURE OF INTERESTS)
Ord. No. 63/88
A361
(7) A person who commits an offence under this section 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.
31. (1) For the purposes of section 28—
(a)
a director or chief executive of a listed company is taken to be interested in any shares or debentures in which his spouse (not being herself or himself a director or chief executive of the listed company) is interested; and
(b) the same applies with respect to an interest of a child under the age of 21 years of a director or chief executive of a listed company (such child not being himself or herself a director or chief executive of it) in shares or debentures.
(2) For those purposes→
(a) a contract, assignment or right of subscription entered into, exercised or made by, or a grant made to, the spouse of a director or chief executive of a company (not being herself or himself a director or chief executive of it) shall be taken also to have been entered into, exercised or made by, or (as the case may be) as having been made to, the director or chief executive; and
(b) the same applies with respect to a contract, assignment or right of subscription entered into, exercised or made by, or grant made to,
a child under the age of 21 years of a director or chief executive of
a listed company (such child not being himself or herself a director or chief executive of it).
(3) A director or chief executive of a listed company is under a duty to notify the company in writing of the occurrence while he is a director or chief executive, of either of the following events, namely
(a) the grant by the company to his spouse, or to his child under the age of 21 years, of a right to subscribe for shares in, or debentures of, the company; and
(b) the exercise by his spouse or by his child under the age of 21 years of such a right granted by the company to his spouse, or his child. (4) In a notification given to the listed company under subsection (3) there shall be stated-
(a) in the case of the grant of a right, the like information as is required by section 28 to be stated by the director or chief executive on the grant to him by another corporation of a right to subscribe for shares in, or debentures of, that other corporation; and
(b) in the case of the exercise of a right, the like information as is required by section 28 to be stated by the director or chief executive on the exercise of a right granted to him by another corporation to subscribe for shares in, or debentures of, that other corporation.
Extension of section 28 to
spouses and
children
1985 c. 6, s. 328