Section 221. Saving and disclosure in respect of interest in shares.
(1) Subject to subsection (2), nothing contained in section 67 or 69 shall render invalid an acquisition or disposal of interest in shares of a licensee or of its controller by a person where the acquisition or disposal of interest in shares of a licensee or of its controller had been completed or a holding of interest in shares of a licensee or of its controller which existed, before the effective date and was lawful and valid immediately before that date.
(2) An acquisition, holding or disposal of interest in shares to which subsection (1) applies shall be taken into account in determining the validity under section 67 or 69, as the case may be, of any acquisition or disposal of interest in shares of a licensee or of its controller effected after the effective date.
(3) Notwithstanding subsection (1), a person who is a controller of a licensee on the effective date shall notify the Bank in writing within thirty days from that date-
(a) the names of its shareholders holding more than five per cent of its shares; and
(b) if a shareholder holds the shares as a trustee, to indicate as far as he can, the person for whom he holds it by name or by other particulars sufficient to enable that person to be identified and the nature of his interest,
and section 66 shall apply in relation to a controller of a licensee under this subsection.