1988 Ed.]
Securities (Disclosure of Interests)
[CAP. 396
27
(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.
[cf. U.K. 1985 c. 6, s. 325]
Sanctions for non-compliance
30. (1) The following applies with respect to defaults in complying with, and to contraventions of, section 29 and Part IV of the Schedule.
(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.
(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.
[cf. U.K. 1985 c. 6, s. 326]