34
CAP. 396]
Securities (Disclosure of Interests)
[1988 Ed.
Power to impose restrictions on shares and debentures
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 subject to the restrictions of Part V.
(2) This section, and Part V in its application to orders under it, apply in relation to debentures as in relation to shares.
Power to obtain information as to those interested in shares, etc.
[cf. U.K. 1985 c. 6, s. 445]
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 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.
(3) A person who fails to give information required of him under this section, or who in giving such information 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.
[cf. U.K. 1985 c. 6, s. 444]
Privileged information
43. Nothing in sections 33 to 42 shall require disclosure to the Financial Secretary or to an inspector appointed by him-
(a) by any person of information which he would in an action in the High Court be entitled to refuse to disclose on grounds of legal professional privilege except, if he is a lawyer, the name and address of his client; or
(b) by an authorized financial institution acting as a corporation's banker or financial adviser, of information as to the affairs of any of its customers other than the corporation.
[cf. U.K. 1985 c. 6, s. 452(1)]
Page 35
Page 36
34
CAP. 396]
Securities (Disclosure of Interests)
[1988 Ed.
Power to impose restrictions on shares and debentures
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 subject to the restrictions of Part V.
(2) This section, and Part V in its application to orders under it, apply in relation to debentures as in relation to shares.
Power to obtain information as to those interested in shares, etc.
[cf. U.K. 1985 c. 6, s. 445]
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 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.
(3) A person who fails to give information required of him under this section, or who in giving such information 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.
[cf. U.K. 1985 c. 6, s. 444]
Privileged information
43. Nothing in sections 33 to 42 shall require disclosure to the Financial Secretary or to an inspector appointed by him-
(a) by any person of information which he would in an action in the High Court be entitled to refuse to disclose on grounds of legal professional privilege except, if he is a lawyer, the name and address of his client; or
(b) by an authorized financial institution acting as a corporation's banker or financial adviser, of information as to the affairs of any of its customers other than the corporation.
[cf. U.K. 1985 c. 6, s. 452(1)]
Page 35Page 36
No comments yet.
Private notes are available after approval.