Companies Act, 1990
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Interests in shares which are to be notified. |
77.—(1) This section applies, subject to section 78 , in determining for purposes of sections 67 to 71 whether a person has a notifiable interest in shares. | |
(2) A reference to an interest in shares is to be read as including an interest of any kind whatsoever in the shares. Accordingly there are to be disregarded any restraints or restrictions to which the exercise of any right attached to the interest is or may be subject. | ||
(3) Where property is held on trust and an interest in shares is comprised in the property, a beneficiary of the trust who apart from this subsection does not have an interest in the shares is to be taken as having such an interest; but this subsection is without prejudice to the following provisions of this section. | ||
(4) A person is taken to have an interest in shares if— | ||
(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 subsection (4) (b), a person is 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. | ||
(6) A person is taken to have an 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. | ||
(7) Without prejudice to subsection (2), rights or obligations to subscribe for any shares shall not be taken for the purposes of subsection (6) to be rights to acquire, or obligations to take, any interest in shares. | ||
(8) Where persons have a joint interest each of them shall be taken to have that interest. | ||
(9) It is immaterial that shares in which a person has an interest are unidentifiable. | ||
(10) Delivery to a person's order of shares in fulfilment of a contract for the purchase thereof by him or in satisfaction of a right of his to call for delivery thereof, or failure to deliver shares in accordance with the terms of such a contract or on which such a right falls to be satisfied, shall be deemed to constitute an event in consequence of the occurrence of which he ceases to be interested in them, and so shall the lapse of a person's right to call for delivery of shares. |