45/900/0
22
CAP. 3961
Securities (Disclosure of Interests)
(1988 Ed.
(b) shall be available for inspection in accordance with section 27 so long as it is so kept.
(8) If default is made in complying with subsection (1), (2), (3), (5) or (7)(a), the company and every officer of it who is in default commits an offence and is liable on summary conviction to a fine of $10,000 and on conviction upon indictment to a fine of $100,000.
[cf. U.K. 1985 c. 6, s. 215]
Duty to deliver report prepared under section 22 to Unified Exchange Commissioner and Commissioner of Banking
23. (1) Whenever a report is prepared under section 22, and that report relates to listed shares, the listed company is under a duty to deliver a copy of the report to the Unified Exchange and the Commissioner,
Company
(2) Upon receipt of any report under subsection (1) the Unified Exchange Company shall forthwith publish such report in such manner and for such period as may be approved by the Commissioner.
(3) Whenever a report is prepared under section 22 by a listed company that is or is the holding company of an authorized financial institution, and that report relates to listed shares, the listed company is under a duty (in addition to the duty imposed by subsection (1)) to deliver a copy of the report to the Commissioner of Banking.
(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.
Penalty for failure to provide information
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.
45/900/0
22
CAP. 3961
Securities (Disclosure of Interests)
(1988 Ed.
(b) shall be available for inspection in accordance with section 27 so long
as it is so kept.
(8) If default is made in complying with subsection (1), (2), (3), (5) or (7)(a), the company and every officer of it who is in default commits an offence and is liable on summary conviction to a fine of $10,000 and on conviction upon indictment to a fine of $100,000.
[cf. U.K. 1985 c. 6, s. 215]
Duty to deliver report prepared under section 22 to Unified“
Exchange
Commissioner and Commissioner of Banking
23. (1) Whenever a report is prepared under section 22, and that report relates to listed shares, the listed company is under a duty to deliver a copy of the report to the Unified Exchange and the Commissioner,
Company
(2) Upon receipt of any report under subsection (1) the Unified Exchange Company
shall forthwith publish such report in such manner and for such period as may be approved by the Commissioner.
(3) Whenever a report is prepared under section 22 by a listed company that is or is the holding company of an authorized financial institution, and that report relates to listed shares, the listed company is under a duty (in addition to the duty imposed by subsection (1)) to deliver a copy of the report to the Commissioner of Banking.
(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.
Penalty for failure to provide information
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.
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