CAP. 333]
Securities
[1989 Ed.
5.
(b) subject to paragraphs (c) and (d), any shares held or power exercisable-
(i) by any person as a nominee for that other corporation (except where that other corporation is concerned only in a fiduciary capacity); or
(ii) by, or by a nominee for, a subsidiary of that other corporation, not being a subsidiary which is concerned only in a fiduciary capacity,
shall be treated as exercisable by that other corporation; (Amended, L.N. 56 of 1974)
(c) any shares held or power exercisable by any person by virtue of the provisions of any debenture of the first-mentioned corporation or of a trust deed for securing any issue of any such debenture shall be disregarded; and
(d) any shares held or power exercisable by, or by a nominee for, that other corporation or its subsidiary (not being held or exercisable as mentioned in paragraph (c)) shall be treated as not held or exercisable by that other corporation if the ordinary business of that other corporation or its subsidiary, as the case may be, includes the lending of money and the shares are held or power is exercisable as aforesaid by way of security only for the purposes of a transaction entered into in the ordinary course of that business.
Interests in securities
(1) Subject to this section, a person has an interest in securities for the purposes of sections 19, 67, 79, 135 and 141E(3) if he has authority (whether formal or informal or express or implied) to dispose of, or to exercise control over the disposal of, those securities. (Amended 8 of 1978 s. 2)
(2) It is immaterial for the purposes of subsection (1) that the authority of a person to dispose of, or to exercise control over the disposal of, particular securities is, or is capable of being made, subject to restraint or restriction.
(3) For the purposes of subsection (1), a person shall not be deemed not to have authority to dispose of, or to exercise control over the disposal of, particular securities by reason only that his authority is exercisable jointly with another person.
(4) For the purposes of subsection (1), where a corporation has authority (whether formal or informal or express or implied) to dispose of, or to exercise control over the disposal of, securities and-
(a) the corporation is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions of a person in relation to those securities; or
16
CAP. 333]
Securities
[1989 Ed.
5.
(b) subject to paragraphs (c) and (d), any shares held or power
exercisable-
(i) by any person as a nominee for that other corporation (except where that other corporation is concerned only in a fiduciary capacity); or
(ii) by, or by a nominee for, a subsidiary of that other corporation, not being a subsidiary which is concerned only in a fiduciary capacity,
shall be treated as exercisable by that other corporation; (Amended, L.N. 56 of 1974)
(c) any shares held or power exercisable by any person by virtue of the provisions of any debenture of the first-mentioned corporation or of a trust deed for securing any issue of any such debenture shall be disregarded; and
(d) any shares held or power exercisable by, or by a nominee for, that other corporation or its subsidiary (not being held or exercisable as mentioned in paragraph (c)) shall be treated as not held or exercisable by that other corporation if the ordinary business of that other corporation or its subsidiary, as the case may be, includes the lending of money and the shares are held or power is exercisable as aforesaid by way of security only for the purposes of a transaction entered into in the ordinary course of that business.
Interests in securities
(1) Subject to this section, a person has an interest in securities for the purposes of sections 19, 67, 79, 135 and 141E(3) if he has authority (whether formal or informal or express or implied) to dispose of, or to exercise control over the disposal of, those securities. (Amended 8 of 1978 s.
2)
(2) It is immaterial for the purposes of subsection (1) that the authority of a person to dispose of, or to exercise control over the disposal of, particular securities is, or is capable of being made, subject to restraint or restriction.
(3) For the purposes of subsection (1), a person shall not be deemed not to have authority to dispose of, or to exercise control over the disposal of, particular securities by reason only that his authority is exercisable jointly with another person.
(4) For the purposes of subsection (1), where a corporation has authority (whether formal or informal or express or implied) to dispose of, or to exercise control over the disposal of, securities and-
(a) the corporation is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions of a person in relation to those securities; or
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