TNAG-1773-FCO40-2525-Hong-Kong-Exchange-Fund-Hong-Kong-Futures-Exchange-Limited--1988 — Page 49

A366

Ord. No. 63/88

Power to impose restrictions on shares and debentures

SECURITIES (DISCLOSURE OF INTERESTS)

(a) any person who is convicted by a court or magistrate on a prosecution instituted as a result of the investigation shall be liable to such extent (if any) as may be ordered by such court or magistrate;

(b) the listed company dealt with by the investigation shall be liable to

such extent (if any) as the Financial Secretary may direct;

(c) the director and chief executive of the listed company dealt with by the investigation shall be liable to such extent (if any) as the Financial Secretary may direct;

(d) any person who has an interest notifiable under Part II in relevant share capital of the listed company dealt with by the investigation shall be liable to such extent (if any) as the Financial Secretary may direct; and

(e) the applicants for the investigation, where the inspector was appointed under section 33(3), shall be liable to such extent (if any) as the Financial Secretary may direct.

(2) The report of an inspector appointed under section 33(3) may, if he thinks fit, and shall if the Financial Secretary so directs, include a recommendation as to the directions, if any, he thinks appropriate, in the light of his investigation, to be given under subsection (1)(b), (c), (d) or (e).

(3) Any liability to repay the Government imposed by paragraph (a) of subsection (1), shall, subject to the satisfaction of the right of the Government to repayment, be a liability also to indemnify all persons against liability under paragraphs (b), (c), (d) and (e) thereof, and any person liable under the said paragraphs (a), (b), (c), (d) and (e) shall be entitled to contribution from any other person liable under the same paragraph, according to the amount of their respective liabilities thereunder.

41. (1) If in connection with an investigation under either section 33, 34 or 35 it appears to the Financial Secretary that there is difficulty in finding out the relevant facts about any shares (whether issued or to be issued), he may by order direct that the shares shall until further order be 1985 c. 6, s. 445 subject to the restrictions of Part V.

Power to obtain information as

to those interested in shares, etc.

(2) This section, and Part V in its application to orders under it, apply in relation to debentures as in relation to shares.

42. (1) If it appears to the Financial Secretary that there is good reason to investigate the ownership of any shares in or debentures of a listed company and that it is unnecessary to appoint an inspector for the purpose, he may require any person whom he has reasonable cause to believe to have 1985 c. 6, s. 444 or to be able to obtain any information as to the present and past interests in those shares or debentures and the names and addresses of the persons interested and of any persons who act or have acted on their behalf in relation to the shares or debentures to give any such information to the Financial Secretary.

(2) For this purpose a person is deemed to have an interest in shares or debentures if he has any right to acquire or dispose of them or of any interest in them, or to vote in respect of them, or if his consent is necessary for the exercise of any of the rights of other persons interested in them, or if other persons interested in them can be required, or are accustomed, to exercise their rights in accordance with his instructions.