TNAG-1818-FCO40-2579-Broadcasting-in-Hong-Kong-1988 — Page 82

Relevant interest

Interests to be disregarded

TELEVISION (AMENDMENT)

Ord. No. 72/88

A453

17K. (1) Subject to section 17L, the following provi- sions of this section shall be applied to determine, for the purposes of this Ordinance, whether or not a person has a relevant interest in a share of a licensee or other company.

(2) Any reference in this Ordinance to a relevant in- terest, in relation to shares, is to be read as including a reference to an interest of any kind whatsoever in the shares; and accordingly there are to be disregarded any restraint or restriction to which the exercise of any right attached to the interest is or may be subject.

(3) Where property is held on trust and an interest in shares is comprised in the property, a beneficiary of the trust who, apart from this subsection, does not have an interest in the shares is, for the purposes of this Ordinance, to be taken as having a relevant interest in them.

(4) For purposes of this Ordinance, a person is taken to have a relevant interest in shares if-

(a) he enters into a contract for their purchase by him

(whether for cash or other consideration); or

(b) not being the registered holder, he is entitled to exercise any right conferred by the holding of the shares or is entitled to control the exercise of any such right.

(5) For the purposes of this Ordinance, a person is taken to have a relevant interest in shares if, otherwise than by virtue of having an interest under a trust—

(a) he has a right to call for delivery of the shares to

himself or to his order; or

(b) he has a right to acquire an interest in shares or is

under an obligation to take an interest in shares, whether in any case the right or obligation is conditional or absolute.

(6) For the purpose of subsection (4)(b), a person shall be regarded as being entitled to exercise or control the exercise of any right conferred by the holding of shares if he

(a) has a right (whether subject to conditions or not) the

exercise of which would make him so entitled; or (b) is under an obligation (whether so subject or not) the fulfilment of which would make him so entitled. (7) It is immaterial for the purposes of this Ordin- ance that shares in which a person has an interest are unidentifiable.

17L. (1) In determining for the purposes of this Ordinance whether or not a person has a relevant interest in a share the following interests shall be disregarded—

(a) where property is held on trust and an interest in shares is comprised in that property, an interest in reversion or remainder or of a bare trustee or a custodian trustee, and any discretionary interest;