Securities Industry Act - The Bahamas Laws On-Line - The ...

CH.363 – 50]
SECURITIES INDUSTRY
Presumed
insider.
(b) ”connected person” includes, in relation to a
director or officer unless that person is also a
director or officer of the same company —
(i) the spouse of the director or officer and any
minor child or minor step-child;
(ii) a body corporate in which the director or
the officer or those natural persons connected
with the director or the officer have
direct or indirect interests in twenty per
cent or more of the equity share capital of
that body corporate or are able to control
twenty per cent or more of the voting
authority at any of its general meetings;
(iii) a trustee or trust, the beneficiaries of which
include the director himself, or the officer
himself or a person connected with the
director or the officer;
(iv) a partner of either the director or officer or
a connected person;
(c) “enterprise” includes an unincorporated association.
(3) The provisions of this section shall apply mutatis
mutandis to partnerships, limited liability partnerships,
trusts, joint ventures, syndicates and other issuers, as the
case may be.
75. (1) For the purposes of this section and sections
76 and 77 —
(a) a director or officer of a body corporate that is a
parent company is an insider of its subsidiary
company;
(b) a director or officer of a body corporate that is a
subsidiary is an insider of its parent company;
(c) a director or officer of a body corporate that is
an affiliated company is an insider of its
affiliates.
(2) For the purposes of this section and sections 76
and 77 —
(a) if a body corporate becomes an insider of a
company or enters into a business combination
with a company, a director or officer of the body
STATUTE LAW OF THE BAHAMAS [Original Service 2001]