s 16 Power to make directions
16.—(1) Without affecting section 17, if the Minister is satisfied that any person has contravened section 15A, 15B, 15C(4) or 15E(5) or has failed to comply with any condition imposed under section 15C(2) or (5), or if the Minister has served a written notice of objection under section 15E, the Minister may, by written notice —(a) direct the transfer or disposal of all or any of the shares in the bank incorporated in Singapore held by the person or any of the person’s associates (called in this section the specified shares) within such time or subject to such conditions as the Minister considers appropriate;[Act 13 of 2013 wef 30/06/2022] (b) restrict the transfer or disposal of the specified shares; or (c) make such other direction as the Minister considers appropriate. (2) Any person to whom a notice is given under subsection (1) must comply with such direction or directions as may be specified in the notice. (3) In the case of any direction made under subsection (1)(a) or (b), until a transfer or disposal is effected in accordance with the direction or until the restriction on the transfer or disposal is removed (as the case may be) despite any of the provisions of the Companies Act 1967 or the Insolvency, Restructuring and Dissolution Act 2018 or anything contained in the memorandum or articles of association of the bank incorporated in Singapore —(a) voting rights are not exercisable in respect of the specified shares unless the Minister expressly permits such rights to be exercised; (b) shares of the bank incorporated in Singapore must not be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified shares unless the Minister expressly permits such issue or offer; and[Act 13 of 2013 wef 30/06/2022] (c) except in a liquidation of the bank incorporated in Singapore, payment must not be made by the bank incorporated in Singapore of any amount (whether by way of dividends or otherwise) in respect of the specified shares unless the Minister expressly authorises such payment.[40/2018] [Act 13 of 2013 wef 30/06/2022] (4) In this section, “associate” has the meaning given by section 15B(4)(c).