1974-HKRS28-16-22_Part01 — Page 32

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(5) For the purposes of subsection (4) of this section, and of subsection (4) of section 135, a person is an associate of another person if the first-mentioned person is-

(a) a corporation that, by virtue of section 4, is deemed to

be related to that other person;

(b) a person in accordance with whose directions that other person is accustomed or is under an obligation, whether formal or informal, to act in relation to the securities referred to in those subsections;

(c) a person who is accustomed or is under an obligation, whether formal or informal, to act in accordance with the directions of that other person in relation to those securities;

(d) a corporation that is, or the directors of which are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions of that other person in relation to those securities; or (e) a corporation in accordance with the directions of which, or of the directors of which, that other person is accus- tomed or under an obligation, whether formal or in- formal, to act in relation to those securities.

(6) Where a person-

(a) has entered into a contract to purchase securities; (b) bas a right to have securities transferred to him or to his order, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not; or

(c) has the right to acquire securities, or an interest in securities, under an option, whether the right is exercis- able presently or in the future and whether on the fulfil- ment of a condition or not,

that person shall, to the extent to which he could do so on com- pleting the contract, enforcing the right or exercising the option. be deemed to have authority to dispose of, or to exercise control over the disposal of, those securities.

(7) There shall be disregarded—

(a) for the purposes of section 67, an interest in securities of a person whose ordinary business includes the lending

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of money if he holds the interest only by way of security for the purposes of a transaction entered into in the ordinary course of business in connexion with the lend- ing of money:

(b) for the purposes of section 79, an interest in securities of a person who holds that interest only by virtue of his having control over the securities as a manager, agent, trustee, or nomines for another;

(c) whore securities referred to in section 135(4) are subject to a trust, the interest of a trustee in those securities if a person who is not a trustee has an interest in those securities by virtue of subsection (6)(b) of this section; and

(d) for the purposes of any prescribed provision of section 19, section 67, section 79, or section 135, a prescribed interest in securities, being an interest of such person, or of the persons included in such class of persons, as is prescribed by regulations.

PART II

COMMISSIONER FOR SECURITIES AND Securities COMMISSION

Commissioner for Securities

6. The Governor may appoint a Commissioner for Appoint

Securities.

ment of Commis sioner for

Securities.

and dudes

7. The Commissioner shall carry out the directions of the Powers. Commission in relation to the exercise of its functions and shall functions have and may exercise or perform such other powers, duties, and of Com- functions as are conferred or imposed upon him by or under this missioner. or any other Ordinance.

have seal.

B. (1) The Commissioner shall have an official seal which Commis- shall be affixed to all certificates of registration and other docu- stoner to ments issued by him pursuant to this Ordinance, and shall be authenticated by his signature.

(2) Any certificate or other document purporting to be a certificate or document duly executed under the seal of the Com- missioner shall be admissible in evidence and shall, unless the contrary is proved, be presumed to be a certificate or instrument so executed.