Section 21 - Loan Fund Companies Act 1976 - Register of option holders

21Register of option holders

Start here

Get a plain-English read of 21

Turn the raw legal text into a practical explanation grounded in Loan Fund Companies Act 1976.

21 Register of option holders

(1) Subject to this section, a loan fund company which is a company within the meaning of the Companies (New South Wales) Code shall, if it has granted or, by virtue of section 15 (7), is deemed to have granted options to acquire loan entitlement shares in the company, keep a register of persons who hold such options and shall, within the period specified in subsection (3), enter in the register with respect to each such person and the option of which the person is the holder:

(a) the person’s name and address,

(b) the date on which the person’s option was or is deemed to have been granted and the date by which it is required to be exercised,

(c) the loan priority number allocated in respect of the option and such particulars (if any) with respect to the loan entitlement shares to which the option relates as are prescribed, and

(d) if the person subsequently acquires the shares pursuant to that option, such particulars (if any) of the acquisition, or if the person subsequently forfeits or surrenders the option, such particulars (if any) of the forfeiture or surrender, as are prescribed.

(2) Subject to this section, a loan fund company which is a recognised company or a foreign company shall, if it has granted or, by virtue of section 15 (7), is deemed to have granted options to acquire loan entitlement shares in the company, keep a register of persons who are resident in New South Wales and who hold such options and shall, within the period specified in subsection (3), enter in the register with respect to each such person and the option of which the person is the holder the particulars specified in subsection (1).

(3) The period within which a loan fund company is required to make an entry referred to in subsection (1) or (2), whichever is applicable, is:

(a) in the case of a person to whom the company has granted an option to acquire loan entitlement shares in the company before the company became a loan fund company or to whom the company is deemed, by virtue of section 15 (7), to have granted such an option, 7 days after the date on which the company became a loan fund company, and

(b) in the case of a person to whom the company grants such an option after the company became a loan fund company, 7 days after the date on which the option is granted.