(1) Where any property held in trust consists of or includes securities in which a person knows or has reasonable grounds for believing that he has an interest, he 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 such right, and the right was subscribed for or purchased;or

(c) such right is held by the management company and was issued for the purpose of an offer to the public within the meaning of section 266 of the Companies Code 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 the 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 30% of the votes attached to the voting shares in the body corporate.

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

(a) a body corporate which, by virtue of section 3 of the Companies Code, 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 the 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 in any one of more of the following circumstances-

(a) where he has entered into a contract to purchase a security;

(b) where he has a right, otherwise than by reason of having an interest under a trust, to have security transferred to himself or to his order, whether the right is exercisable presently or in the future and whether on the fulfillment of a condition or not;

(d) where he is entitled, otherwise that by reason of his 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, not being a security of which he is the registered holder.

(6) A person shall 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 he 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 being an interest held by him by reason of his holding a prescribed office; and

(d) such interest in securities as 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 fact that the exercise of a right conferred by the interest is, or is capable of being made subject to restraint or restriction.