Document ID: chunk:federal_register_of_legislation:C2004A02490:body:0:p37
Version: federal_register_of_legislation:C2004A02490
Segment Type: other
Provision Reference: 
Character Range: 90874–93609

an offence or offences against sub-section 92f (7e) in relation to the transaction but has subsequently ceased to be guilty of any further offence against that sub-section)—after the expiration of the period of 6 months after the transaction takes place or such further period as the Tribunal, on application, allows by notice in writing served on the person within that period of 6 months.

    "(4c) Where—
         (a) a transaction in relation to which section 92f applies takes place after the commencement of this sub-section;
         (b) a person (in this sub-section referred to as the 'prescribed person'), not being a party to the transaction, is a person to whom section 92f applies in relation to the transaction by reason of another person being a party to the transaction;
         (c) the Tribunal approves the transaction in whole or in part under section 92faa in so far as it affects that other person; and
         (d) the prescribed person contravenes this section by reason that he is the holder of interests attributable to so much of the transaction as is so approved,
    the prescribed person is guilty of a separate offence in respect of each day (including the day of a conviction under this sub-section or any subsequent day) during which he contravenes this section by reason that he is the holder of those interests, or any other interests attributable to so much of the transaction as is so approved, after the expiration of the period of 6 months after the day on which the approval or, where there are 2 or more such approvals, the later or latest approval, is given or such further period as the Tribunal, on application, allows by notice in writing served on the prescribed person within that period of 6 months.
    "(4d) Where—
         (a) a transaction, being a transaction in relation to which section 92f applies to a person who is not a party to the transaction, takes place after the commencement of this sub-section; and
         (b) the person does not contravene this section as described in sub-section (4c),
    in ascertaining whether or not the person is contravening this section otherwise than as described in sub-section (4c), any interests of the person attributable to the transaction shall be disregarded.".

Meaning of control of a company
32. Section 92b of the Principal Act is amended by inserting in sub-section (1) "other than sub-sections 92d (2), (5) and (6)" after "Division,".

Directors
33. Section 92c of the Principal Act is amended—
(a) by omitting sub-section (1) and substituting the following sub-sections:
    "(1) Subject to this section, a person contravenes this section if, and so long as, he is a director of 2 or more companies that are, between them, in