264. (1) With respect to the application of sections 261 to 263 (by virtue of sections 221 and 222) to shadow directors and de facto directors, the making of a notification by a person under section 261, 262 or 263 shall not, in itself, be proof that the person making the notification is a shadow director or de facto director.

(2) Nothing in sections 261 to 263 shall operate so as to impose an obligation with respect to shares in a body corporate which is the wholly owned subsidiary of another body corporate.

(3) Nothing in sections 261 to 263 shall operate to impose an obligation on a director or secretary of a company who is granted an option to subscribe for shares in, or debentures of, that company to make any notification to that company in respect of such grant.