180. Extension of section to associates of directors
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(1) For the purposes of section 179—
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(a) an interest of an associate of a director of a company (not being himself or herself a director thereof) in shares or debentures shall be treated as being the director's interest; and
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(b) a contract, assignment or right of subscription entered into, exercised or made by, or grant made to, an associate of a director of a company (not being himself or herself a director thereof) shall be treated as having been entered into, exercised or made by, or as the case may be, as having been made to, the director.
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(2) A director of a company shall be under obligation to notify the company in writing of the occurrence, while he or she is director, of either of the following events, namely—
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(a) the grant by the company to an associate of his or her of a right to subscribe for shares in, or debentures of, the company; and
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(b) the exercise by an associate of his or her of such a right as aforesaid granted by the company
stating, in the case of the grant of a right, the like information as is required by section 179 to be stated by the director on the grant to him or her by another company of a right to subscribe for shares in, or debentures of, that other company and, in the case of the exercise of a right, the like information as is required by that section to be stated by the director on the exercise of a right granted to him or her by another company to subscribe for shares in, or debentures of, that other company; and an obligation imposed by this subsection on a director shall be fulfilled by him or her before the expiration of the period of 5 days beginning with the day next following that on which the occurrence of the event that gives rise to it comes to his or her knowledge.
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(3) A person commits an offence if he or she fails to give a written notice of any matter in compliance with subsection (2), within the time thereby limited, to the company concerned, or if he or she gives false, misleading or incomplete information to the company.
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