The Companies (No. 2) (Northern Ireland) Order 1990

Disclosure of interests in shares N.I.

69.—(1) Part VII of the Companies Order (disclosure of interests in shares) is amended as follows.

(2) In Article 207(2) (notifiable interests), for the words from “the percentage” to the end substitute “ 3 per cent. of the nominal value of that share capital ”.

The order bringing the above amendment into operation may make such provision as appears to the Head of the Department appropriate as to the obligations of a person whose interest in a company's shares becomes notifiable by virtue of the amendment coming into operation.

(3) In Articles 210(1) and (4) and 214(8) (which require notification of certain matters within a specified period) for “5 days” substitute “ 2 days ”.

(4) In Article 210 (particulars to be contained in notification), for paragraph (3) substitute—

“(3) A notification (other than one stating that a person no longer has a notifiable interest) shall include the following particulars, so far as known to the person making the notification at the date when it is made—

(a) the identity of each registered holder of shares to which the notification relates and the number of such shares held by each of them, and

(b) the number of such shares in which the interest of the person giving the notification is such an interest as is mentioned in Article 216(5).” .

(5) After Article 218 insert—

“Power to make further provision by regulations

218A.— (1) The Department may by regulations amend—

(a) the definition of “relevant share capital” (Article 206(2)),

(b) the percentage giving rise to a “notifiable interest” (Article 207(2)),

(c) the periods within which an obligation of disclosure must be fulfilled or a notice must be given (Articles 210(1) and (4) and 214(8)),

(d) the provisions as to what is taken to be an interest in shares (Article 216) and what interests are to be disregarded (Article 217), and

(e) the provisions as to company investigations (Article 220);

and the regulations may amend, replace or repeal the provisions referred to above and make such other consequential amendments or repeals of provisions of this Part as appear to the Department to be appropriate.

(2) The regulations may contain such transitional provisions as appear to the Department to be appropriate, and may in particular make provision as to the obligations of a person whose interest in a company's shares becomes or ceases to be notifiable by virtue of the regulations.”.

(6) Any regulations made under Article 217(1)(h) which are in force immediately before the repeal of that sub-paragraph by this Order shall have effect as if made under Article 218A(1)(d) as inserted by paragraph (5).