Prescribed events which require immediate announcement
9.16
Paragraph 9.19(14B) of the Main LR requires a listed issuer to announce any appointment or change in the legal representative(s) with sole powers to represent, exercise rights or enter into binding obligations, on behalf of the listed issuer or its foreign principal subsidiary pursuant to any relevant law applicable to the listed issuer or its foreign principal subsidiary. Who is a legal representative for purposes of paragraph 9.19(14B) of the Main LR?
As expressly stated in paragraph 9.19A(14B) of the Main LR, a legal representative is a person with sole powers to represent, exercise rights or enter into binding obligations, on behalf of the listed issuer or its foreign principal subsidiary. It is a requirement imposed under the law of the relevant country like China for example which permits the appointment of a legal person who has the sole power to manage and direct the corporation, holds the corporation’s common seal and is authorized to perform all acts regarding the general administration of the corporation including executing powers of attorney and any legal transaction on the corporation’s behalf. The legal representative however, is separate from the director or senior officers of the listed issuer or its foreign principal subsidiary.