§ 28 — Control of shareholding in licensee

28.—(1) A person must not become a 20% controller of a licensee without first applying for and obtaining the approval of the Authority under subsection (2).(2) The Authority may approve an application made by any person under subsection (1) if the Authority is satisfied that —(a)

having regard to the likely influence of the person, the licensee will or will continue to conduct its business prudently and comply with the provisions of this Act and any other written law administered by the Authority;

(b)

the person is, under the Guidelines on Fit and Proper Criteria, a fit and proper person to be a 20% controller of the licensee; and

(c)

it is in the public interest to do so.

(3) An approval under subsection (2) may be granted to any person subject to such conditions as the Authority may impose, including but not limited to —(a)

any condition restricting the person’s disposal or further acquisition of shares or voting power in the licensee; and

(b)

any condition restricting the person’s exercise of voting power in the licensee.

(4) The Authority may at any time add to, vary or revoke any condition that is imposed under subsection (3) or this subsection.

(5) Any condition imposed under subsection (3) or (4) has effect despite any provision of the Companies Act 1967 or anything contained in the constitution of the licensee.

(6) Where the Authority refuses an application made by any person under subsection (1), the person must, within such period as the Authority may specify by written notice, take such steps (as soon as practicable after the refusal) as are necessary to cease to be a 20% controller of the licensee.

—(1) A person must not become a 20% controller of a licensee without first applying for and obtaining the approval of the Authority under subsection (2).

(2) The Authority may approve an application made by any person under subsection (1) if the Authority is satisfied that —(a)

having regard to the likely influence of the person, the licensee will or will continue to conduct its business prudently and comply with the provisions of this Act and any other written law administered by the Authority;

(b)

the person is, under the Guidelines on Fit and Proper Criteria, a fit and proper person to be a 20% controller of the licensee; and

(c)

it is in the public interest to do so.

(3) An approval under subsection (2) may be granted to any person subject to such conditions as the Authority may impose, including but not limited to —(a)

any condition restricting the person’s disposal or further acquisition of shares or voting power in the licensee; and

(b)

any condition restricting the person’s exercise of voting power in the licensee.

(4) The Authority may at any time add to, vary or revoke any condition that is imposed under subsection (3) or this subsection.

(5) Any condition imposed under subsection (3) or (4) has effect despite any provision of the Companies Act 1967 or anything contained in the constitution of the licensee.

(6) Where the Authority refuses an application made by any person under subsection (1), the person must, within such period as the Authority may specify by written notice, take such steps (as soon as practicable after the refusal) as are necessary to cease to be a 20% controller of the licensee.