Document ID: chunk:federal_register_of_legislation:C2004A02490:body:0:p47
Version: federal_register_of_legislation:C2004A02490
Segment Type: other
Provision Reference: 
Character Range: 115111–117932

sub-section or any subsequent day) during which he holds shareholding interests, or interests, (not being, in a case to which paragraph (a) applies, shareholding interests, or interests, in respect of which approval has been granted under this section) in the company to which the transaction relates exceeding in amount or proportion the shareholding interests, or the interests, that he had in that company immediately before the transaction took place.

"(11) Where—
     (a) an application is lodged by a person under sub-section 92f (7a) in relation to a transaction;
     (b) a notice is served on the person under sub-section (2) refusing approval of the transaction in whole or in part; and
     (c) after the expiration of the period of 6 months after the date of service of the notice or such longer period as the Tribunal, on application, allows by notice in writing served on the person within that period of 6 months, the person holds shareholding interests, or interests, in the company to which the transaction relates exceeding in amount or proportion—
          (i) where approval of the whole of the transaction is refused—the shareholding interests, or the interests, that he had in that company immediately before the transaction took place; or
          (ii) where approval of part of the transaction is refused—the shareholding interests, or the interests, that he had in that company immediately before the transaction took place together with the shareholding interests, or the interests, in respect of which approval is granted,
the person is guilty of a separate offence in respect of each day (including the day of a conviction under this sub-section or a subsequent day) during which he so holds those shareholding interests or interests.
"(12) The references in this section to the proportion of a person's shareholding interests in a company and the proportion of a person's interests in a company have the same respective meanings as in section 92f.
"(13) The Tribunal shall not approve a transaction in relation to which section 92f applies except as provided by this section.

Certain transactions to require prior approval
"92fab. (1) In this section—
     'prescribed company' means a company that, but for the operation of sub-section (3) of section 92, would be in contravention of that section;
     'transaction' means a transaction in relation to which section 92f applies, being a transaction in respect of shares in a prescribed company.
"(2) A reference in this section to the proportion of a person's shareholding interests in a company has the same meaning as in section 92f.
"(3) For the purposes of this section, the following persons are associates of a person:
     (a) a partner of the person;
     (b) where the person is a company—
          (i) a director or secretary