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115.(1) The Department may from time to time by order amend paragraphs (1), (2) and (6) of Article 114 by increasing or reducing the percentage for the time being mentioned in those paragraphs. (2) An order under this Article (a)shall not be made unless a draft of the order has been laid before and approved by a resolution of the Assembly; (b)shall not be construed as requiring the notification by any person of the occurrence of an event before the time when the order comes into operation. (3) If an order under this Article comes into operation whereby the said percentage is reduced then, in the case of a company in relation to which the order has effect, every person who at that time is interested in shares comprised in relevant share capital of the company of a nominal value equal to the reduced percentage or more but less than the percentage prior to the reduction of the nominal value of that share capital shall be under an obligation to notify the company of the subsistence of his interests at that time and the number of shares comprised in that share capital (specifying it) in which each interest subsists at that time. (4) Paragraphs (5) to (12) of Article 114 shall have effect in relation to paragraph (3) as they have effect in relation to paragraph (2) of that Article but as if in paragraphs (6) and (10) for references to five days there were substituted references to fourteen days and as if in paragraph (6) for references to the percentage there specified there were substituted references to the reduced percentage.
© 1978 Crown Copyright
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