14
CAP. 396] Securities (Disclosure of Interests)
[1988 Ed.
(5) A person is deemed to know of the subsistence of another's interest in shares or (as the case may be) that another has become or ceased to be interested in shares if he has been notified under section 11 of facts with respect to the other's interest which indicate that he is or has become or ceased to be interested in the shares (whether on his own account or by virtue of a third party's interest in them).
(6) In subsection (4)–—–
“material time" is any time at which the interests of the person concerned which
are taken to be his by virtue of section 8 or 10, fall or fell to be so taken.
[cf. U.K. 1985 c. 6, s. 207]
Interests in shares which are to be notified
13. (1) This section applies, subject to section 14, in determining for purposes of sections 3 to 7 whether a person has a notifiable interest in shares.
(2) A reference to an interest in shares is to be read as including an interest of any kind whatsoever in the shares; and accordingly there are to be disregarded any restraints or restrictions to which the exercise of any right attached to the interest is or may be subject.
(3) Where property is held on trust and an interest in shares is comprised in the property, a beneficiary of the trust who apart from this subsection does not have an interest in the shares is to be taken as having such an interest.
(4) A person is taken to have an interest in shares if
(a) he enters into a contract for their purchase by him (whether for cash or
other consideration); or
(b) not being the registered holder, he is entitled to exercise any right conferred by the holding of the shares or is entitled to control the exercise of any such right.
(5) A person is taken to have an interest in shares if, otherwise than by virtue of having an interest under a trust--
(a) he has a right to call for delivery of the shares to himself or to his
order; or
(b) he has a right to acquire an interest in shares or is under an obligation
to take an interest in shares,
whether in any case the right or obligation is conditional or absolute.
(6) For purposes of subsection (4)(b), a person is entitled to exercise or control the exercise of any right conferred by the holding of shares if he
(a) has a right (whether subject to conditions or not) the exercise of which
would make him so entitled; or
(b) is under an obligation (whether so subject or not) the fulfilment of
which would make him so entitled.
(7) Persons having a joint interest are taken each of them to have that interest.
(8) It is immaterial that shares in which a person has an interest are unidentifiable.
[cf. U.K. 1985 c. 6, s. 208]
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