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MONDAY, JUNE 6, 1988
A LISTED COMPANY MAY
ALSO BE REQUISITIONED BY ITS MEMBERS HOLDING NOT LESS THAN 10 PER CENT OF ITS PAID-UP CAPITAL ΤΟ EXERCISE ITS POWER ΤΟ INVESTIGATE INTERESTS IN ITS REQUISITIONISTS CAN SHOW REASONABLE GROUNDS IN SUPPORT REQUISITION,
SHARES
THE
IF OF THEIR
IN SUCH A CASE, THE COMPANY IS UNDER A DUTY TO PREPARE A REPORT ON CONCLUSION OF THE INVESTIGATION WHICH MUST BE KEPT AT THE COMPANY'S REGISTERED OFFICE AND BE AVAILABLE FOR INSPECTION FOR SIX YEARS.
AND
THE LISTED COMPANY MUST AGAIN NOTIFY THE UNIFIED EXCHANGE THE COMMISSIONER FOR SECURITIES OF INFORMATION OBTAINED IN AN INVESTIGATION, OR AS THE CASE MAY BE, DELIVER A COPY OF ITS REPORT, IF THE INFORMATION OR REPORT RELATES TO LISTED SHARES.
THE BILL ALSO IMPOSES A DUTY OF DISCLOSURE IN RESPECT OF INTERESTS ON DIRECTORS, CHIEF EXECUTIVES AND THEIR FAMILIES.
"OFFICERS AND THEIR FAMILIES, AS DEFINED, OF LISTED COMPANIES ARE UNDER A DUTY TO NOTIFY THE COMPANY OF THEIR INTERESTS IN SHARES OR DEBENTURES OF THAT COMPANY OR ANY ASSOCIATED CORPORATION. THEY ARR ALSO REQUIRED TO NOTIFY THE COMPANY OF ANY CHANGES IN SUCH INTERESTS, MR NENDICK SAID.
"THE COMPANIES MUST KEEP A
REGISTER SHOWING THE INFORMATION RECEIVED BY THEM FROM THE DIRECTORS AND CHIEF EXECUTIVES AND MUST ALSO INFORM THE UNIFIED EXCHANGE AND THE COMMISSIONER FOR
SECURITIES."
MR NENDICK POINTED OUT THAT THE PUBLIC THE REGISTER OF SUBSTANTIAL SHAREHOLDINGS DIRECTORS AND CHIEF EXECUTIVES'
WOULD HAVE ACCESS TO AND THE REGISTER OF INTERESTS KEPT BY LISTED COMPANIES.
IN ADDITION то A LISTED COMPANY INVESTIGATING ITS SHAREHOLDINGS, THE FINANCIAL SECRETARY MAY APPOINT INSPECTORS INVESTIGATE AND REPORT ON THE TRUE OWNERSHIP OF A LISTED COMPANY.
OWN TO
THE FINANCIAL SECRETARY MAY IMPOSE "FREEZING ORDERS" ON SHARES WHERE THERE ARE DIFFICULTIES IN FINDING OUT INFORMATION ABOUT THE BENEFICIAL OWNERSHIP OF SUCH SHARES.
THE BILL WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON WEDNESDAY (JUNE 8).
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