There are currently no known outstanding effects for the Legal Services Act 2007, Cross Heading: Obligation to notify where share limit or voting limit exceeded.
39(1)This paragraph applies in relation to a licensed body, or a parent undertaking of a licensed body, if licensing rules made by the relevant licensing authority make the provision mentioned in paragraph 38(1)(a) or (b) in relation to the body.E+W
(2)Any non-authorised person who acquires—
(a)a shareholding in the body which exceeds the share limit, or
(b)an entitlement to exercise, or control the exercise of, voting rights in the body which exceeds the voting limit,
must notify the body (and, if the body is a parent undertaking of a licensed body, the licensed body) and the licensing authority of the acquisition within such period, after the person becomes aware of it, as may be specified by order made by the Lord Chancellor on the recommendation of the Board.
(3)It is an offence for a person to fail to comply with a requirement imposed by sub-paragraph (2).
(4)A person who is guilty of an offence under sub-paragraph (3) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(5)It is a defence for a person charged with an offence under sub-paragraph (3) to show that at the time of the alleged offence the person had no knowledge of the facts by virtue of which the duty to notify arose.
Commencement Information
I1Sch. 13 para. 39 in force at 1.10.2011 by S.I. 2011/2196, art. 2(1)(d)
40(1)This paragraph applies if a person under the duty to notify imposed by paragraph 39(2)—E+W
(a)had no knowledge of the facts by virtue of which that duty arose, but
(b)subsequently becomes aware of those facts.
(2)The person must give the body (and, if the body is a parent undertaking of a licensed body, the licensed body) and the licensing authority the required notification within such period, after the person becomes so aware, as may be specified by order made by the Lord Chancellor on the recommendation of the Board.
(3)A person who fails to comply with the duty to notify imposed by sub-paragraph (2) is guilty of an offence.
(4)A person who is guilty of an offence under sub-paragraph (3) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.
Commencement Information
I2Sch. 13 para. 40 in force at 1.10.2011 by S.I. 2011/2196, art. 2(1)(d)
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