Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p38
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 92450–95226

is amended by omitting from sub-section (7) "retrospective".

Substantial shareholdings and substantial shareholders
52. Section 136 of the Principal Act is amended by inserting in paragraph (2) (b) "or under a provision of a law of a participating State or of a participating Territory that corresponds with that sub-section" after "sub-section (6)".

53. After section 144 of the Principal Act the following section is inserted:

Civil remedy where failure or default under Division
"144a. (1) A person who fails to comply with section 137, 138 or 139 is liable to pay, to any person who suffers loss or damage as a result of the failure, damages in respect of that loss or damage, unless it is proved that the failure was due to the inadvertence or mistake of the first-mentioned person or to his not being aware of a relevant fact or occurrence.
"(2) If default is made in complying with section 143 and an officer or officers of the company is or are in any way, by act or omission, directly or indirectly, knowingly concerned in or party to the default—
     (a) the company; and
     (b) that officer or each of those officers, as the case may be,
are jointly and severally liable to pay, to any person who suffers loss or damage as a result of the default, damages in respect of that loss or damage.".

Knowledge of employee or agent imputed to employer or principal
54. Section 145 of the Principal Act is amended—
     (a) by omitting "a servant" and substituting "an employee"; and
     (b) by omitting "master" and substituting "employer".

Powers of Court with respect to defaulting substantial shareholder
55. Section 146 of the Principal Act is amended—
     (a) by inserting in sub-section (1) "or of the company" after "Commission";
     (b) by inserting in sub-section (1) "such order or orders as it thinks fit, including, but without limiting the generality of the foregoing," after "make" (first occurring);

(c) by inserting after paragraph (1) (e) the following paragraph:
          "(ea) an order vesting in the Commission shares in the company to which the substantial shareholder is or has been entitled, or any interest in such shares;";
     (d) by inserting in sub-section (5) "or an interest in a share" after "a share";
     (e) by inserting in sub-section (5) "or interest" after "the share";
     (f) by omitting sub-section (6) and substituting the following sub-section:
     "(6) The Court shall not make an order under sub-section (1) if it is satisfied that the order would unfairly prejudice any person.";
     (g) by omitting from sub-section (7) "restraining the exercise of voting rights" and substituting "referred to in paragraph (1) (c) or (g)"; and
     (h) by omitting sub-section (12) and substituting the following sub-section: