• Specific Year
    Any

COMPANIES ACT 1981 No. 89 of 1981 - SECT 9 Associated persons

COMPANIES ACT 1981 No. 89 of 1981 - SECT 9

Associated persons

9. (1) A reference in this Act to a person associated with another person
shall be construed as a reference to-

   (a)  if the other person is a corporation-

        (i)    a director or secretary of the corporation;

        (ii)   a corporation that is related to the other person; or

        (iii)  a director or secretary of such a related corporation;

   (b)  where the matter to which the reference relates is the extent of a
        power to exercise, or to control the exercise of, the voting power
        attached to voting shares in a corporation-a person with whom the
        other person has, or proposes to enter into, an agreement,
        arrangement, understanding or undertaking, whether formal or informal
        and whether express or implied-

        (i)    by reason of which either of those persons may exercise,
               directly or indirectly control the exercise of, or
               substantially influence the exercise of, any voting power
               attached to a share in the corporation;

        (ii)   with a view to controlling or influencing the composition of
               the board of directors, or the conduct of affairs, of the
               corporation; or

        (iii)  under which either of those persons may acquire from the other
               of them shares in the corporation or may be required to dispose
               of such shares in accordance with the directions of the other
               of them;

   (c)  a person in concert with whom the other person is acting, or proposes
        to act, in respect of the matter to which the reference relates;

   (d)  a person with whom the other person is, or proposes to become,
        associated, whether formally or informally, in any other way in
        respect of the matter to which the reference relates; or

   (e)  if the other person has entered into, or proposes to enter into, a
        transaction, or has done, or proposes to do, any other act or thing,
        with a view to becoming associated with a person as mentioned in
        paragraph (b), (c) or (d)-that last-mentioned person.

(2) A person shall not be taken to be associated with another person by virtue
of paragraph (1) (b), (c), (d) or (e) by reason only that-

   (a)  one of those persons furnishes advice to, or acts on behalf of, the
        other person in the proper performance of the functions attaching to
        his professional capacity or to his business relationship with the
        other person;

   (b)  without limiting the generality of paragraph (a), where the ordinary
        business of one of those persons includes
        dealing in securities-specific instructions are given to the person by
        or on behalf of the other person to acquire shares on behalf of the
        other person in the ordinary course of that business; or

   (c)  the other person has been appointed by the first-mentioned person as a
        proxy or representative to exercise, at a meeting of members or of a
        class of members of a company, votes attached to shares of which the
        first-mentioned person is the holder, where the relevant interest of
        that other person in those shares that arises by reason of his
        appointment as a proxy or representative would be disregarded under
        sub-section 8 (8) by reason of paragraph (b) of that sub-section.

(3) For the purposes of paragraph (1) (b), it is immaterial that the power of
a person to exercise, control the exercise of, or influence the exercise of,
voting power is in any way qualified.