Commonwealth Numbered Acts

NATIONAL COMPANIES AND SECURITIES COMMISSION ACT 1979 No. 173, 1979 - SECT 19

19. (1) In this section, ''member'' means-

   (a)  a member or an acting member of the Commission; or

   (b)  a member of the staff of the Commission.

(2) For the purposes of this section-

   (a)  a person has a financial interest if he is a director of a body
        corporate or has a relevant interest in any securities other than
        securities of a government, of a government authority or of a local
        government authority; and

   (b)  the question whether a person has a relevant interest in securities
        shall be determined as prescribed.

(3) The Commission shall maintain a register, to be known as the Register of
Financial Interests (in this section referred to as the ''Register''), in
accordance with the prescribed form, for the purposes of this section.

(4) The Commission shall appoint a member of the staff of the Commission (in
this section referred to as the ''responsible officer'') to be the person
responsible for making entries in the Register in accordance with this
section.

(5) Where a person who has a financial interest becomes a member, he shall,
within 7 days after the day on which he becomes a member, if he has not
already done so, cause written particulars of the interest to be delivered to
the responsible officer.

(6) Where there is a change in a financial interest of a member, he shall,
within 7 days after the day on which the change occurs, cause written
particulars of the change to be delivered to the responsible officer.

(7) A person shall be deemed not to have contravened sub-section (5) or (6) if
he establishes that-

   (a)  he was not, at the time when he became a member, aware that he had a
        financial interest or he was not, at the time when the change
        occurred, aware of the change, as the case may be; and

   (b)  he caused written particulars of the financial interest or of the
        change, as the case may be, to be delivered to the responsible officer
        within 7 days after the day on which he became aware that he had the
        financial interest or that the change had occurred, as the case may
        be.

(8) For the purposes of this section, where a member commences or ceases to
have a financial interest, there shall be deemed to be a change in that
financial interest of the member.

(9) Where a member is required by this section to cause to be delivered to the
responsible officer particulars of a financial interest, or particulars of a
change in a financial interest, the particulars to be so delivered shall
include-

   (a)  the date on which he commenced or ceased to have the financial
        interest or on which the change occurred; and

   (b)  particulars of the nature of the financial interest and, in the case
        of a financial interest being a relevant interest in securities,
        particulars of the extent of that relevant interest.

(10) Where, in accordance with this section, particulars of a financial
interest, or of a change in a financial interest, of a member are delivered to
the responsible officer, that officer shall cause the particulars, or such of
the particulars as are appropriate having regard to the form of the Register,
to be entered in the Register as particulars of a financial interest, or of a
change in a financial interest, of that member.

(11) The Commission shall keep the Register at the principal place of business
of the Commission and shall ensure that the Register is open for public
inspection during normal business hours without payment of any fee.