1989 Ed.]
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(e) an interest in shares held by the Registrar of the Supreme Court; or (such interests, or interests of such a class or description, as may be prescribed for the purposes of this paragraph by regulations made by the Governor in Council.
(2) A person is not by virtue of section 17K(4)(b) to be taken as having a relevant interest in shares by reason only of the fact that he has been appointed a proxy to vote at a specified meeting of a licensee or other company or of any class of its members and at any adjournment of that meeting, or has been appointed by a corporation to act as its representative at any meeting of a licensee or other company or of any class of its members.
(3) The conditions referred to in subsection (1)(c) are, in relation to a settlement-
(a) that it is irrevocable; and
(b) that the settlor has no interest in any income arising under, or property comprised in, the settlement.
(4) An interest in shares is an exempt security interest for the purpose of subsection (1) if it is held--
(a) by a person who is---
(i) a bank or deposit-taking company licensed or registered under the Banking Ordinance (Cap. 155);
(ii) an insurer who is authorized within the meaning of the Insurance Companies Ordinance (Cap. 41); or
(iii) a stockbroker, an exempt dealer or a registered dealer within the meaning of the Securities Ordinance (Cap. 333); and
(b) by way of security only for the purposes of a transaction entered into in the ordinary course of his business as such a person.
(5) For the purposes of subsection (1) a person shall not be held not to be a bare trustee in respect of any property by reason only-
(a) that the person for whose benefit the property is held is not absolutely entitled thereto as against the trustee by reason only that he is an infant or is a person under a disability; or
(b) that the trustee has the right to resort to the property to satisfy any outstanding charge or lien or for the payment of any duty, tax, cost or other outgoing.
17M. Declarations-offence
A person who, in purported compliance with any obligation to make a declaration to which he is subject by virtue of this Ordinance, gives any information which he knows to be false in a material particular or recklessly gives information which is so false commits an offence and is liable on summary conviction thereof to a fine of $100,000.
(Part IIIA added 72 of 1988 s. 14)
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1989 Ed.]
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(e) an interest in shares held by the Registrar of the Supreme Court; or (such interests, or interests of such a class or description, as may be prescribed for the purposes of this paragraph by regulations made by the Governor in Council.
(2) A person is not by virtue of section 17K(4)(b) to be taken as having a relevant interest in shares by reason only of the fact that he has been appointed a proxy to vote at a specified meeting of a licensee or other company or of any class of its members and at any adjournment of that meeting, or has been appointed by a corporation to act as its representative at any meeting of a licensee or other company or of any class of its members.
(3) The conditions referred to in subsection (1)(c) are, in relation to a settlement-
(a) that it is irrevocable; and
(b) that the settlor has no interest in any income arising under, or
property comprised in, the settlement.
(4) An interest in shares is an exempt security interest for the purpose of subsection (1) if it is held--
(a) by a person who is---
(i) a bank or deposit-taking company licensed or registered
under the Banking Ordinance (Cap. 155);
(ii) an insurer who is authorized within the meaning of the
Insurance Companies Ordinance (Cap. 41); or
(iii) a stockbroker, an exempt dealer or a registered dealer within the meaning of the Securities Ordinance(Cap. 333); and
(b) by way of security only for the purposes of a transaction entered
into in the ordinary course of his business as such a person.
(5) For the purposes of subsection (1) a person shall not be held not to be a bare trustee in respect of any property by reason only-
(a) that the person for whose benefit the property is held is not absolutely entitled thereto as against the trustee by reason only that he is an infant or is a person under a disability; or
(b) that the trustee has the right to resort to the property to satisfy any outstanding charge or lien or for the payment of any duty, tax, cost or other outgoing.
17M. Declarations-offence
A person who, in purported compliance with any obligation to make a declaration to which he is subject by virtue of this Ordinance, gives any information which he knows to be false in a material particular or recklessly gives information which is so false commits an offence and is liable on summary conviction thereof to a fine of $100,000.
(Part IIIA added 72 of 1988 s. 14)
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