Companies Act 2014 section 262

Second and third cases in which duty to notify arises — interests acquired or ceasing to be held

Section 262 sets out two further situations in which directors and secretaries must notify their company about disclosable interests in shares or debentures.

• A director or secretary who becomes aware that they, their spouse, civil partner, or child have acquired or ceased to hold a disclosable interest in shares or debentures of their company (or any group company) must notify the company in writing.
• The written notification must include the prescribed particulars of the disclosable interest and whether it has been acquired or has ceased to be held.
• A person who already holds (or whose spouse, civil partner, or child holds) a disclosable interest in shares or debentures and then becomes a director or secretary of the relevant company must also notify the company in writing of that existing interest.
• Both notification duties are subject to the exceptions and qualifications set out elsewhere in the Act.