CAP. 396]
Securities (Disclosure of Interests)
[1988 Ed.
45/9057
(a) that the person for whose benefit the property is held is not absolutely entitled thereto as against the trustee by reason only that he is an infant or is a person under a disability; or
(b) that the trustee has the right to resort to the property to satisfy any outstanding charge or lien or for the payment of any duty, tax, cost or other outgoing.
Other provisions about notification under this Part
[cf. U.K. 1985 c. 6, s. 209]
15. (1) Where a person authorizes another ("the agent") to acquire or dispose of, on his behalf, interests in shares comprised in relevant share capital of a listed company, he shall secure that the agent notifies him immediately of acquisitions or disposals effected by the agent which will or may give rise to any duty of disclosure imposed on him by this Part with respect to his interest in that share capital.
(2) A duty of disclosure imposed on a person by any provision of sections 3 to 7 is deemed not to be performed unless the notification by means of which it purports to be performed identifies him and gives his address and, in a case where he is a director or chief executive of the company, is expressed to be given in performance of that duty.
(3) A person who-
(a) fails to perform, within the proper period, a duty of disclosure imposed on him by this Part;
(b) in purported performance of any such duty makes to a company a statement which he knows to be false, or recklessly makes to a company a statement which is false;
or to the Exchange Company
(c) fails to perform, within the proper period, a duty to give another person a notification required by section 11; or
(d) fails without reasonable excuse to comply with subsection (1),
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) It is a defence for a person charged with an offence under subsection (3)(c) to prove that it was not possible for him to give the notification to the other person required by section 11 within the proper period, and either-
(a) that it has not since become possible for him to give the notification so required; or
(b) that he gave the notification as soon after the end of that period as it became possible for him to do so.
(5) Where a person is convicted of an offence under this section (other than an offence relating to his ceasing to be interested in a company's shares), the Financial Secretary may by order direct that the shares in relation to which the offence was committed shall, until further order, be subject to the restrictions of Part V.
(6) An order under subsection (5) may be made notwithstanding any power in the company's memorandum or articles enabling the company to impose similar restrictions on those shares.
[cf. U.K. 1985 c. 6, s. 210]