PREVENTION OF FRAUD (INVESTMENTS) ACT (NORTHERN IRELAND) 1940

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PREVENTION OF FRAUD (INVESTMENTS) ACT (NORTHERN IRELAND) 1940 - SECT 22



22.(1) In this Act, unless the context otherwise requires, the following
expressions have the meanings hereby assigned to them, that is to say:

"Appointed day" means the day appointed by the Ministry for the purposes of
section one of this Act;

"Authorised unit trust scheme" means any unit trust scheme declared by an
order of the Ministry for the time being in force to be an
authorised unit trust scheme for the purposes of this Act;

"Building society" means a society registered or deemed to be registered in
Northern Ireland under the Building Societies Acts (Northern Ireland), 1874 to
1940, and any such unincorporated society as is mentioned in section seven of
the Building Societies Act, 1874, and includes, except for the purposes of
section eleven of this Act, a society which is registered in Great Britain
under the Building Societies Acts, 1874 to 1939, and any such unincorporated
society as aforesaid whose chief office or principal place of business is in
Great Britain;

"Corporation" means any body corporate, incorporated whether in Northern
Ireland or elsewhere;

"Court" means, in relation to any industrial and provident society, the court
having jurisdiction to wind up the society;

"Dealing in securities" means doing any of the following things (whether as a
principal or as an agent), that is to say, making or offering to make with any
person, or inducing or attempting to induce any person to enter into or offer
to enter into

(a)any agreement for, or with a view to acquiring, disposing of, subscribing
for or underwriting securities or lending or depositing money to or with any
industrial and provident society or building society, or

(b)any agreement the purpose or pretended purpose of which is to secure a
profit to any of the parties from the yield of securities or by reference to
fluctuations in the value of securities,

and "deal in securities" shall be construed accordingly;

"Debentures" means any debentures, debenture stock or bonds of a corporation,
whether constituting a charge on the assets of the corporation or not;

"Exempted dealer" means any person declared by an order of the Ministry for
the time being in force to be an exempted dealer for the purposes of this Act;

"Industrial and provident society" means a society registered or deemed to be
registered in Northern Ireland under the Industrial and Provident Societies
Act, 1893, and includes, except for the purposes of section ten of this Act, a
society which is registered in Great Britain under that Act;

"Licence" means a licence under this Act;

"Licensed bank" means a bank specified in the Schedule to the Finance (No. 2)
Act (Northern Ireland), 1928;

"Municipal corporation" means the body corporate constituted by the
incorporation of the inhabitants of a borough;

"Prescribed" means prescribed by regulations of the Ministry;

"Principal's licence" means a licence authorising the holder thereof to carry
on the business of dealing in securities;

"Prospectus" has the same meaning as in the Companies Act (Northern Ireland),
1932;

"Recognised association of dealers in securities" means a body of persons
declared by an order of the Ministry for the time being in force to be a
recognised association of dealers in securities for the purposes of this Act;

"Recognised stock exchange" means a body of persons declared by an order of
the Ministry for the time being in force to be a recognised stock exchange for
the purposes of this Act;

"Registered company" means a company formed and registered under the Companies
Act (Northern Ireland), 1932, or formed and registered or deemed to have been
registered under the Companies (Consolidation) Act, 1908, the Companies Act,
1862, or the Joint Stock Companies Acts as defined by section three hundred
and thirty-five of the Companies Act (Northern Ireland), 1932 but does not
include a company registered under any of the said enactments in Great Britain
or in Eire;

"Representative's licence" means a licence authorising the holder thereof to
deal in securities as a servant of any holder of a principal's licence for the
time being in force;

"Securities" means

(a)shares or debentures, or rights or interests (described whether as units or
otherwise) in any shares or debentures, or

(b)securities of the Government of any part of His Majesty's dominions or the
Government of any foreign state, or

(c)rights (whether actual or contingent) in respect of money lent to, or
deposited with, any industrial and provident society or building society,

and includes rights or interests (described whether as units or otherwise)
which may be acquired under any unit trust scheme under which all property for
the time being subject to any trust created in pursuance of the scheme
consists of such securities as are mentioned in paragraph (a), paragraph (b),
or paragraph (c) of this definition;

"Shares" means shares in the share capital of a corporation or stock of a
corporation, or shares in such an unincorporated building society as is before
mentioned in this sub-section;

"Statutory corporation" means

(a)a corporation incorporated by an Act of the Irish Parliment, the Parliament
of the United Kingdom or the Parliament of Northern Ireland, or

(b)any other corporation, being a corporation to which functions in respect of
the carrying on of an undertaking are entrusted by such an Act or by an order
made under, or confirmed by, such an Act;

but, save as is provided in paragraph (b) of this definition, does not include
any company within the meaning of the Companies Act (Northern Ireland), 1932,
or of any corresponding enactment in force in Great Britain;

"Statutory period" means . . .

definition in 1954 c.33 (NI) s.41(2) substituted by 1979 NI 12 art.10

"The Ministry" has the meaning assigned to that expression by section one of
this Act;

"Unit trust scheme" means any arrangements made for the purpose, or having the
effect, of providing facilities for the participation by persons, as
beneficiaries under a trust, in profits or income arising from the
acquisition, holding, management or disposal of securities or any other
property whatsoever.

(2) Any reference in this Act to the holder of a licence shall, in relation to
a principal's licence, be construed as a reference to the person named in the
licence as being thereby authorised to carry on the business of
dealing in securities, and, in relation to a representative's licence, be
construed as a reference to the person named in the licence as being thereby
authorised to deal in securities as a servant of any holder of a principal's
licence.

(3) Any reference in this Act to a manager under a unit trust scheme or to a
trustee under such a scheme shall be construed as a reference to the person in
whom are vested the powers of management relating to property for the time
being subject to any trust created in pursuance of the scheme or, as the case
may be, to the person in whom such property is or may be vested in accordance
with the terms of the trust.

(4) Any reference in this Act to a servant of, or to a person employed by, any
person shall, in relation to a corporation, be construed as including a
reference to any director or officer of the corporation; and any reference in
this Act to leaving or entering the service of a person shall be construed
accordingly.

(5) For the purposes of this Act, a person shall be deemed to be a director of
a corporation if he occupies in relation thereto the position of a director,
by whatever name called, or is a person in accordance with whose directions or
instructions the directors of the corporation or any of them act:

Provided that a person shall not, by reason only that the directors of a
corporation act on advice given by him in a professional capacity, be taken to
be a person in accordance with whose directions or instructions those
directors act.

Subs.(6) rep. by 1954 c.33 (NI) s.48(1) sch.
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Northern Irish Legislation

PREVENTION OF FRAUD (INVESTMENTS) ACT (NORTHERN IRELAND) 1940 - SECT 22
