Companies Act, 1990
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The notifiable percentage. |
70.—(1) The reference in section 68 (2) to the notifiable percentage is to 5 per cent, or such other percentage as may be prescribed by the Minister under this section. | |
(2) The Minister may prescribe the percentage to apply in determining whether a person's interest in a company's shares is notifiable under section 67 ; and different percentages may be prescribed in relation to companies of different classes or descriptions. | ||
(3) Where in consequence of a reduction prescribed under this section in the percentage made by such order a person's interest in a company's shares becomes notifiable, he shall then come under the obligation of disclosure in respect of it; and the obligation must be performed within the period of 10 days next following the day on which it arises. |