§ 33 — Effect of directions issued if Singapore’s national security interests affected

33.—(1) If any direction is issued under section 32(5), then, until the direction is carried out or is revoked, discharged or suspended —(a)

the voting rights in respect of the section 32(5) equity interests are not exercisable, unless the Minister expressly permits those rights to be exercised;

(b)

the voting power that the person to whom the direction is issued controls, whether alone or together with that person’s associates, in the entity is not exercisable, unless the Minister expressly permits that power to be exercised;

(c)

no equity interest in the entity is to be issued or offered (whether by way of dividends, rights, bonus or otherwise) in respect of the specified equity interests, unless the Minister expressly permits that issue or offer; and

(d)

no amount may be paid (whether by way of dividends, profits, income or otherwise) in respect of the section 32(5) equity interests, unless the Minister expressly authorises that payment.

(2) Subsection (1) and any direction issued under section 32(5) have effect, despite —(a)

the provisions of any other written law;

(b)

anything in any listing rules as defined in section 2(1) of the Securities and Futures Act 2001; and

(c)

the provisions of the memorandum or articles of association, trust deed or other constitution of the designated entity in question.

(3) Any issue or offer of equity interests in contravention of subsection (1)(c) is void.

(4) Any payment made in contravention of subsection (1)(d) is void.

(5) Subsection (1)(d) does not apply in the event of a winding up, dissolution or termination of the entity, as the case may be.

—(1) If any direction is issued under section 32(5), then, until the direction is carried out or is revoked, discharged or suspended —(a)

the voting rights in respect of the section 32(5) equity interests are not exercisable, unless the Minister expressly permits those rights to be exercised;

(b)

the voting power that the person to whom the direction is issued controls, whether alone or together with that person’s associates, in the entity is not exercisable, unless the Minister expressly permits that power to be exercised;

(c)

no equity interest in the entity is to be issued or offered (whether by way of dividends, rights, bonus or otherwise) in respect of the specified equity interests, unless the Minister expressly permits that issue or offer; and

(d)

no amount may be paid (whether by way of dividends, profits, income or otherwise) in respect of the section 32(5) equity interests, unless the Minister expressly authorises that payment.

(2) Subsection (1) and any direction issued under section 32(5) have effect, despite —(a)

the provisions of any other written law;

(b)

anything in any listing rules as defined in section 2(1) of the Securities and Futures Act 2001; and

(c)

the provisions of the memorandum or articles of association, trust deed or other constitution of the designated entity in question.

(3) Any issue or offer of equity interests in contravention of subsection (1)(c) is void.

(4) Any payment made in contravention of subsection (1)(d) is void.

(5) Subsection (1)(d) does not apply in the event of a winding up, dissolution or termination of the entity, as the case may be.