1964_SECURITIES_(DISCLOSURE_OF_INTERESTS)_ORDINANCE — Page 29

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CAP. 396]

Securities (Disclosure of Interests)

[1988 Ed.

Extension of section 28 to spouses and children

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31. (1) For the purposes of section 28-

445/90812

(a) a director or chief executive of a listed company is taken to be interested in any shares or debentures in which his spouse (not being herself or himself a director or chief executive of the listed company) is interested; and

(b) the same applies with respect to an interest of a child under the age of

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21 years of a director or chief executive of a listed company (such child not being himself or herself a director or chief executive of it) in shares or debentures.

(2) For those purposes—

(a) a contract, assignment or right of subscription entered into, exercised or made by, or a grant made to, the spouse of a director or chief executive of a company (not being herself or himself a director or chief executive of it) shall be taken also to have been entered into, exercised or made by, or (as the case may be) as having been made to, the director or chief executive; and

(b) the same applies with respect to a contract, assignment or right of subscription entered into, exercised or made by, or grant made to, a child under the age of years of a director or chief executive of a listed company (such child not being himself or herself a director or chief executive of it).

(3) A director or chief executive of a listed company is under a duty to notify the company in writing of the occurrence while he is a director or chief executive, of either of the following events, namely-

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(a) the grant by the company to his spouse, or to his child under the age of years, of a right to subscribe for shares in, or debentures of, the company; and

18 (b) the exercise by his spouse or by his child under the age of 2 years of

such a right granted by the company to his spouse, or his child.

4) In a notification given to the listed company under subsection (3) there shall be stated-

(a) in the case of the grant of a right, the like information as is required by section 28 to be stated by the director or chief executive on the grant to him by another corporation of a right to subscribe for shares in, or debentures of, that other corporation; and

(b) in the case of the exercise of a right, the like information as is required by section 28 to be stated by the director or chief executive on the exercise of a right granted to him by another corporation to subscribe for shares in, or debentures of, that other corporation.

(5)A duty imposed by subsection (3) on a director or chief executive must be performed by him before the end of 5 days beginning with the day following that on which the occurrence of the event giving rise to it comes to his knowledge.