20
CAP. 396]
Securities (Disclosure of Interests)
[1988 Ed.
Company
Duty to notify Unified Exchange, Commissioner and Commissioner of Banking of interests disclosed under section 18
20. (1) Whenever in pursuance of a requirement imposed by a listed company on a person under section 18 the listed company receives information to which this section applies, and that information relates to listed shares, the company is under a duty to notify the Unified Exchange, and the Commissioner
Company
4959 of that information.
(2) Upon receipt of any information under subsection (1) the Unified Exchange shall forthwith publish such information in such manner and for such period as may be approved by the Commissioner.
(3) Whenever in pursuance of a requirement imposed by a listed company that is or is the holding company of an authorized financial institution on a person under section 18 the listed company receives information to which this section applies, and that information relates to listed shares, the company is under a duty (in addition to the duty imposed by subsection (1)) to notify the Commissioner of Banking of that information.
(4) This section applies to any information received in pursuance of a requirement imposed by section 18 which relates to the present interests held by any persons in shares comprised in relevant share capital of the company in question.
(5) A 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 it arises.
(6) 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.
Company investigation on requisition by members
21. (1) A listed company may be required to exercise its powers under section 18 on the requisition of members of the company holding at the date of the deposit of the requisition not less than one-tenth of such of the paid-up capital of the company as carries at that date the right of voting at general meetings of the company.
(2) The requisition must-
(a) state that the requisitionists are requiring the company to exercise its
powers under section 18:
(b) specify the manner in which they require those powers to be exercised;
and
(c) give reasonable grounds for requiring the company to exercise those
powers in the manner specified,
and must be signed by the requisitionists and deposited at the company's registered office.
(3) The requisition may consist of several documents in like form each signed by one or more requisitionists.
(4) On the deposit of a requisition complying with this section it is the company's duty to exercise its powers under section 18 in the manner specified in the requisition.