1964_TELEVISION_ORDINANCE — Page 29

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CAP. 52]

Television

[1989 Ed.

(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 Ordinance that shares in which a person has an interest are unidentifiable.

17L. Interests to be disregarded

(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;

(b) an interest which subsists by virtue of-

(i) any unit trust or mutual fund corporation authorized under

section 15 of the Securities Ordinance (Cap. 333);

(ii) a charitable scheme made by order of any court of

competent jurisdiction; or

(iii) the vesting of a deceased's estate in any judicial officer between the time of death and the grant of letters of administration;

(c) an interest for the life of himself or another of a person under a settlement where the property comprised in the settlement consists of or includes shares, and the conditions mentioned in subsection (3) are satisfied;

(d) an exempt security interest;