TNAG-1773-FCO40-2525-Hong-Kong-Exchange-Fund-Hong-Kong-Futures-Exchange-Limited--1988 — Page 52

SECURITIES (DISCLOSURE OF INTERESTS)

Ord. No. 63/88

A369

(b) by the company;

(c) by the person appointed by or in pursuance of the order to effect

the sale; or

(d) by any person interested in the shares.

(8) An order (whether of the Financial Secretary or the High Court) directing that shares shall cease to be subject to the restrictions of this Part, if it is-

(a) expressed to be made with a view to permitting a transfer of the

shares; or

(b) made under subsection (4),

may continue the restrictions mentioned in section 44(1)(c) or (d), either in whole or in part, so far as they relate to any right acquired or offer made before the transfer.

(9) Subsection (3) does not apply to an order directing that shares shall cease to be subject to any restrictions which have been continued in force in relation to those shares under subsection (8).

47. (1) Where shares are sold in pursuance of an order of the High Court under section 46(4) the proceeds of sale, less the costs of the sale, shall be paid into court for the benefit of the persons who are beneficially interested in the shares; and any such person may apply to the High Court for the whole or part of those proceeds to be paid to him.

(2) On application under subsection (1) the High Court shall order the payment to the applicant of the whole of the proceeds of sale together with any interest thereon or, if any other person had a beneficial interest in the shares at the time of their sale, such proportion of those proceeds and interest as is equal to the proportion which the value of the applicant's interest in the shares bears to the total value of the shares.

(3) On making an order under section 46(4) or (6) the High Court may further order that the applicant's costs be paid out of the proceeds of sale; and if that order is made, the applicant is entitled to payment of his costs out of those proceeds before any person interested in the shares in question receives any part of those proceeds.

Further provisions on sale by court order of restricted shares

1985 c. 6, s. 457

PART VI

MISCELLANEOUS

48. (1) Where a corporation is guilty of an offence under section Offences by 15(3), 24(3), 28(8), 31(6), 42(3) or 45(1) and it is proved that the offence corporations occurred with the consent or connivance of, or was attributable to any neglect on the part of any director, manager, secretary or other similar officer of the corporation, or any person who was purporting to act in any such capacity, he as well as the corporation is guilty of that offence and is liable to be proceeded against and punished accordingly.