Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p48
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 119885–122666

Principal Act the following section is inserted:

Notices relating to non-beneficial and beneficial ownership of shares
"255a. (1) Where, at a particular time—
     (a) an instrument of transfer of shares in a company is lodged, by or on behalf of the transferee, with the company for registration of the transfer;
     (b) having regard to all relevant circumstances, it may reasonably be expected that, upon registration of the transfer, the transferee will hold non-beneficially particular shares (in this sub-section referred to as the 'relevant shares'), being any of the shares to which the instrument of transfer relates; and
     (c) the instrument of transfer does not include a notice that—
         (i) contains a statement to the effect that, upon registration of the transfer, the transferee will hold the relevant shares non-beneficially;
         (ii) sets out particulars of the relevant shares; and
         (iii) is signed by or on behalf of the transferee,
the transferee is guilty of an offence.
"(2) The fact that a person is guilty of an offence under sub-section (1) does not affect the validity of the registration of a transfer of shares in a company.
"(3) Where—
     (a) an instrument of transfer of shares in a company includes a notice of the kind referred to in paragraph (1) (c) and is lodged with the company for registration of the transfer; and
     (b) upon registration of the transfer, the transferee holds beneficially particular shares (in this sub-section referred to as the 'relevant

     shares'), being any of the shares particulars of which are set out in the notice,
then, before the end of the period of 14 days commencing upon registration of the transfer, the transferee shall, whether or not the transferee commences before the end of that period to hold any of the relevant shares non-beneficially, give to the company a notice that—
     (c) sets out the name and address of the transferee;
     (d) contains a statement to the effect that, as from registration of the transfer, the transferee holds the relevant shares beneficially;
     (e) sets out particulars of the relevant shares; and
     (f) is signed by or on behalf of the transferee.
"(4) Where—
     (a) an instrument of transfer of shares in a company is lodged with the company for registration of the transfer; and
     (b) upon registration of the transfer, the transferee holds non-beneficially particular shares (in this sub-section referred to as the 'relevant shares'), being any of the shares to which the instrument of transfer relates (other than, in a case where the instrument of transfer includes a notice of the kind referred to in paragraph (1) (c), the shares particulars of which are set out in the notice),
then, before the end of the period of 14