A356
Ord. No. 63/88
Penalty for failure to
provide information
1985 c. 6,
s. 216
Removal of entries from register
1985 c. 6, s. 217
SECURITIES (DISCLOSURE OF INTERESTS)
(4) The 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 the report is first made available at the company's registered office.
(5) 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.
24. (1) Where a notification is served by a listed company under section 18 on a person who is or was interested in shares of the company and that person fails to give the company any information required by the notification within the time specified in it, the company may apply to the High Court for an order directing that the shares in question be subject to the restrictions of Part V.
(2) Such an order may be made by the High Court notwithstanding any power contained in the applicant company's memorandum or articles enabling the company itself to impose similar restrictions on the shares in question.
(3) Subject to the following subsections, a person who fails to comply with a notification under section 18 or who, in purported compliance with such a notification, makes any statement which he knows to be false in a material particular or recklessly makes any statement which is false in a material particular commits an offence and is liable on summary conviction to a fine of $10,000 and to imprisonment for 6 months and on conviction upon indictment to a fine of $100,000 and to imprisonment for 2 years.
(4) A person is not guilty of an offence by virtue of failing to comply with a notification under section 18 if he proves that the requirement to give the information was frivolous or vexatious.
(5) A person is not obliged to comply with a notification under section 18 if he is for the time being exempted by the Financial Secretary by notice in the Gazette from the operation of that section.
25. (1) A company may remove an entry against a person's name from its register of interests in shares if more than 6 years have elapsed since the date of the entry being made, and either-
(a) that entry recorded the fact that the person in question had ceased to have an interest notifiable under this Part in relevant share capital of the company; or
(b) it has been superseded by a later entry made under section 16
against the same person's name,
and in a case within paragraph (a) the company may also remove that person's name from the register.
(2) If a person in pursuance of a duty imposed on him by any provision of this Part gives to a company the name and address of another person as being interested in shares in the company, the company shall, within 15 days of the date on which it was given that information, notify the other person that he has been so named and shall include in that notification--
(a) particulars of any entry relating to him made, in consequence of its being given that information, by the company in its register of interests in shares; and
C
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