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Penalisation of dealing by director of a company in options to buy or sell certain shares in, or debentures of, the company or associated companies.
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30.—(1) A director of a company who buys—
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(a) a right to call for delivery at a specified price and within a specified time of a specified number of relevant shares or a specified amount of relevant debentures; or
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(b) a right to make delivery at a specified price and within a specified time of a specified number of relevant shares or a specified amount of relevant debentures; or
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(c) a right (as he may elect) to call for delivery at a specified price and within a specified time or to make delivery at a specified price and within a specified time of a specified number of relevant shares or a specified amount of relevant debentures;
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shall be guilty of an offence.
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(2) In subsection (1)—
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(a) “relevant shares”, in relation to a director of a company, means shares in the company or in any other body corporate, being the company's subsidiary or holding company or a subsidiary of the company's holding company, being shares for which dealing facilities are provided by a stock exchange (whether within the State or elsewhere); and
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(b) “relevant debentures”, in relation to a director of a company, means debentures of the company or of any other body corporate, being the company's subsidiary or holding company or a subsidiary of the company's holding company, being debentures as respects which there has been granted such dealing facilities as aforesaid.
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(3) Nothing in this section shall be taken to penalise a person who buys a right to subscribe for shares in, or debentures of, a body corporate or buys debentures of a body corporate that confer upon the holder thereof a right to subscribe for, or to convert the debentures (in whole or in part) into, shares of the body.
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(4) For the purposes of this section any reference, however expressed, to any price paid, given or received in respect of any interest in shares or debentures shall be construed as including a reference to any consideration other than money given or received in respect of any such interest, and any reference to a specified price includes a reference to a specified price range.
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(5) This section shall also apply to any person (not being a director of the company) who—
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(a) buys a right referred to in subsection (1), and
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(b) does so on behalf or at the instigation of a director of the company.
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