Companies Act 2014 section 1059

Interest in shares that are notifiable interests for purposes of Chapter

Section 1059 defines what constitutes a notifiable interest in shares for PLCs by adapting the rules on disclosable interests used for private companies, replacing terminology and excluding certain categories of interest from the notification requirement.

• The rules for determining disclosable interests in private companies (sections 257–260) are adapted for PLCs, with the term "reckonable interest" replacing "disclosable interest" and all references to debentures being disregarded
• Certain interests are excluded from the notification requirement, including exempt security interests, interests held by the President of the High Court under succession law, and interests held by the Accountant of the High Court under court rules
• An exempt security interest is one held by a credit institution, insurance undertaking, trustee savings bank, Post Office Savings Bank, or stockbroker who is a member of an authorised market operator
• To qualify as exempt, the security interest must be held solely as security for a transaction entered into in the ordinary course of the holder's business

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