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

CH.363 – 54]
SECURITIES INDUSTRY
Notification of
interest of
directors, officers
or substantial
share-holders.
company on a prescribed form setting forth information
regarding the transaction, the amount of securities owned
or in which the person had an interest before and after the
transaction, and any other relevant information deemed
necessary or relevant.
82. (1) Where, upon the commencement of this Act,
a director, officer or substantial shareholder of a public
company is interested in securities of that company or that
company’s subsidiary or parent company or a subsidiary of
that company’s parent company, or thereafter becomes
interested in such securities, he shall notify the public
company in writing of his interest in such shares or
debentures giving the full particulars, including but not
limited to, the number of shares in and amount of
debentures of every class.
(2) A director, officer or substantial shareholder
shall notify the public company, within five days of the
occurrence of any of the following events —
(a) any event in consequence of which he becomes
or ceases to be interested in the securities of the
public company or its subsidiary or parent
company or a subsidiary of its parent company;
(b) the entering into by him of a contract to sell or
purchase any such securities;
(c) the assignment by him of a right granted to him
or to any member of his family by the public
company to subscribe for any securities of the
company;
(d) the grant to him by another company being a
subsidiary of the public company or a parent
company or a subsidiary of the public company’s
parent company of a right to subscribe for
securities of that other company, the exercise of
such a right or the assignment of such a right,
stating the particulars of the transaction, including but not
limited to, the number or amount and class of securities
involved.
(3) Where a director, officer or substantial shareholder
of a public company is granted the right to subscribe
for the securities of a company under subsection (2)(d), he
shall notify the public company on the date on which the
right is granted, the period during which or the time at
which the right is exercisable, and the consideration
STATUTE LAW OF THE BAHAMAS [Original Service 2001]