§ Removal of entries from register
§ 132 After Clause 56, insert the following new clause:
§ ("Provision for removal of certain entries in register
§ .—(1) A company may remove an entry against any person's name from its register of interests in shares where more than six years have elapsed since the date of its inscription, and either—
- (a) that entry recorded the fact that the person in question had ceased to have an interest subject to the notification requirement under section (Obligation to notify known interests in voting shares in a public company) of this Act in relevant share capital of the company; or
- (b) it has been superseded by a later entry inscribed under section (Register if interests in shares) of this Act against the same person's name;
§ (2) Where any person in pursuance of an obligation imposed on him by any provision of this Part of this Act gives to a company the name and address of any other person as being interested in shares in the company, the company shall within fifteen days of the date on which it was given that information, notify that other person that he has been so named and shall include in that notification—
- (a) particulars of any entry relating to him made, in consequence of its being given that information, by the company in its register of interests in shares; and
- (b) a statement informing him of his right to apply to have that entry removed in accordance with the following provisions of this section.
§ (3) Any person who has been notified by a company in pursuance of subsection (2) above that an entry relating to him has been made in the company's register of interests in shares may apply to the company for the removal of that entry from the register; and the company shall remove the entry if satisfied that the information in pursuance of which the entry was made was incorrect.
§ (4) Where a person who is identified in a company's register of interests in shares as being a party to an agreement to which section (Notification of group interests of persons acting together) of this Act applies (whether by an entry against his own name or by an entry relating to him made against another person's name as mentioned in subsection (2)(a) above) ceases to be a party to that agreement, he may apply in writing to the company for the inclusion of that information in the register; and if the company is satisfied that he has ceased to be a party to that agreement it shall record that information (if not already recorded) in every place where his name appears as a party to that agreement in the register.
§ (5) Where an application under subsection (3) or (4) above is refused (in a case within subsection (4), otherwise than on the ground that the information has already been recorded) the applicant may apply to the court for an order directing the company to remove the entry in question from the register or (as the case may be) to include the information in question in the register, and the court may if it thinks fit make such an order.
§ (6) Where any name is removed from a company's register of interests in shares in pursuance of subsection (1) or (3) above or an order under subsection (5), the company shall within fourteen days of the date of that removal make any necessary alteration in any associated index.
§ (7) If default is made in complying with subsection (2) or (6) above. the company and every officer who is in default shall be liable on summary conviction to a fine 1026 not exceeding one-fifth of the statutory maximum or, on conviction after continued contravention, a default fine not exceeding one-fiftieth of the statutory maximum.
§ 132A Insert the following clause:
§ ("Prohibition of removal of entries in register
§ .—(1) Entries in a company's register of interests in shares shall not be deleted except in accordance with section (Provision for removal of certain entries in register) of this Act.
§ (2) If an entry is deleted from a company's register of interests in shares in contravention of subsection (1) above the company shall restore that entry to the register as soon as is reasonably practicable.
§ (3) If default is made in complying with subsection (1) or (2) above the company and every officer who is in default shall be liable on summary conviction to a fine not exceeding one-fifth of the statutory maximum or, on conviction after continued contravention of subsection (2), a default fine not exceeding one-fiftieth of the statutory maximum.").
§ Lord Trefgarne
My Lords, with the leave of your Lordships I will move Amendments Nos. 132 and 132A en bloc. I beg to move that this House doth agree with the Commons in their amendments.
§ Moved, That this House doth agree with the Commons in the said amendments.—(Lord Trefgarne.)
§ On Question, Motion agreed to.