(1) Where any property held in trust consists of or includes securities in which a person blows or has reasonable grounds for believing that that person has an interest, that person shall be deemed to have an interest in those securities.

(2) A right does not constitute an interest in a security where

(a) the right was issued or offered to the public for subscription or purchase;

(b) the public was invited to subscribe for or purchase die right, and the right was subscribed for or purchased; or

(c) the right is held by the management company and was issued for the purpose of an offer to the public with the meaning of section 266 of the Companies Act, 1963 (Act 179).

(3) A person shall be deemed to have an interest in a security where a body corporate has an interest in a security and

(a) the body corporate is, or its directors are under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of that person in relation to that security;

(b) that person has a controlling interest in die body corporate; or

(c) that person is, or the associates of that person or all are entitled to exercise or control the exercise of not less than thirty percent of the votes attached to the voting shares in the body corporate.

(4) For the purposes of subsection (3) (c), a person is an associate of another person if die person is

(a) a body corporate which, by virtue of section 3 of the Companies Act, 1963 (Act 179) is an associated company in relation to the other person;

(b) a person in accordance with whose directions, instructions or wishes that other person is accustomed to or is under an obligation, whether formal or informal, to act in relation to the security referred to in subsection (3);

(c) a body corporate which is, or the directors of which are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of that other person in relation to that security; or

(d) a body corporate in accordance with the directions, instructions or wishes of which, or die directors of which, that other person is accustomed or under an obligation, whether formal or informal, to act in relation to that security.

(5) A person shall be deemed to have an interest in a security where that person Call has entered into a contract to purchase a security;

(b) has a right, otherwise than by reason of having an interest under a trust, to have security transferred to or to the order of that person, whether the right is exercisable presently or in the future and whether on die fulfilment of a condition or not;

(d) is entitled, otherwise than by reason of having been appointed a proxy or representative to vote at a meeting of members of a body corporate or of a class of its members, to exercise or control the exercise of a right attached to a security, which is not a security of which that person is the registered holder.

(6) A person shad be deemed to have an interest in a security if that security is held jointly with another person.

(7) For the purpose of determining whether a person has an interest in a security, it is immaterial that the interest cannot be related to a particular security.

(8) There shall be disregarded

(a) an interest in a security if the interest is that of a person who holds the security as a bare trustee;

(b) an interest in a security of a person whose ordinary business includes the lending of money if that person holds the interest only by way of security for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money;

(c) an interest of a person in a security which is an interest held by that person by reason of holding a prescribed office; and

(d) any other interest in securities that may be prescribed.

(9) An interest in a security shall not be disregarded by reason only of

(a) its remoteness;

(b) the manner in which it arose; or

(c) the feet that the exercise of a right conferred by the interest is, or is capable of being made subject to restraint or restriction.