11
FRIDAY, MAY 25, 1990
"TO PREVENT AN UNFIT CONTROLLING SHAREHOLDER FROM CONTINUING TO EXERCISE ANY INFLUENCE OVER AN INSURER, THE BILL ALSO PROPOSES ΤΟ EMPOWER IA TO IMPOSE CERTAIN RESTRICTIONS ON THE SHARES HELD BY A PERSON WHO HAS BECOME A CONTROLLING SHAREHOLDER WITHOUT APPROVAL OF THE IA AND, WHERE NECESSARY, TO APPLY TO THE HIGH COURT FOR THE SALE OF SUCH SHARES.
"THE RESTRICTION ORDER IMPOSED BY IA WOULD EFFECTIVELY PROHIBIT THE TRANSFER OF THE SHARES, THE EXERCISE OF VOTING RIGHTS, THE ISSUE OF BONUS SHARES AND THE PAYMENT OF DIVIDENDS, THE SPOKESMAN SAID.
11
"THE BILL ALSO MAKES IT AN OFFENCE TO. ATTEMPT TO RVADE SUCH RESTRICTIONS," HE ADDED.
LAW CHANGES RECOMMENDED ON INHERITANCE
THE
A
NUMBER
OF
LAW OF SUCCESSION
REFORM
HAS LAW
COMMISSION
RECOMMENDED LEGISLATIVE CHANGES TO SIMPLIFY AND MODERNISE THE UPON DEATH.
OF
THE COMMISSION TODAY (FRIDAY) PUBLISHED A REPORT ON THE LAW
DECEASED PERSONS'
SUCCESSION
WILLS,
INTESTATE FAMILIES AND DEPENDANTS.
AND
PROVISION
FOR
IN DETAIL
THE REPORT WAS THE RESULT OF FIVE YEARS WORK BY THE COMMISSION, AND A SUB-COMMITTEE CHAIRED BY MR B.S. MCELNEY TO EXPLORE THIS COMPLEX BUT IMPORTANT AREA OF THE LAW.
THAT AREA OF
THE PROPOSALS RECOGNISE THE SOCIAL AND LEGAL DEVELOPMENTS HAVE TAKEN PLACE SINCE THE LAST COMPREHENSIVE REVIEW OF THIS THE LAW IN 1971.
RECENT OVERSEAS
PROVIDED THE LAW IN
LEGISLATIVE INITIATIVES HAVE ALSO USEFUL EXAMPLES OF HOW OTHER JURISDICTIONS HAVE MODIFIED THIS AREA.
WILL PROPOSAL
AFFECT ALL MEMBERS THE COMMISSION'S
OF THE A DECEASED HAS COMMUNITY AS THEY ENCOMPASS BOTH THE SITUATION WHERE MADE A WILL AND THE SITUATION WHERE HE HAS FAILED TO DO SO.
A DECEASED
LAW GOVERNING THE POSITION WHERE THE EXISTING LEAVES A WILL IS IN THE COMMISSION'S VIEW EXCESSIVELY TECHNICAL.
NUMBER
THE WILLS ORDINANCE IMPOSES A WHICH MUST BE SATISFIED FOR A WILL TO BE VALID.
OF FORMAL REQUIREMENTS
SIGNATURE BE HAS RESULTED
IN PARTICULAR, THE REQUIREMENT THAT A TESTATOR'S IN A PARTICULAR PLACE, THAT IS, AT THE END OF THE WILL, IN WILLS BEING HELD INVALID AND THE TESTATOR'S CLEAR INTENTIONS DEFEATED,
BEING
/THE LAW