s 40 Power to make directions
40.—(1) Without affecting section 41, if the Minister is satisfied that any person has contravened section 35, 36, 37(4) or 39(5) or any condition imposed under section 37(2), or if the Minister has served a written notice of objection under section 39, the Minister may, by written notice —(a) direct the transfer or disposal of all or any of the shares in the broadcasting company held by the person or any of the person’s associates (called in this section the specified shares) within such time and subject to such conditions as the Minister considers appropriate; (b) restrict the transfer or disposal of the specified shares; or (c) make any other direction or restriction that the Minister considers appropriate. (2) Any person to whom a notice is served under subsection (1) must comply with any direction or restriction that may be specified in the notice. (3) In the case of any direction or restriction made under subsection (1)(a) or (b), despite any of the provisions of the Companies Act 1967 or the VCC Act (whichever is applicable) or anything contained in the memorandum or articles of association, or other constitution, of the broadcasting company —(a) no voting rights are exercisable in respect of the specified shares unless the Minister expressly permits those rights to be exercised; (b) no shares of the broadcasting company are to 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 (c) except in a liquidation of the broadcasting company, no payment is to be made by the broadcasting company of any amount (whether by way of dividends or otherwise) in respect of the specified shares unless the Minister expressly authorises such payment, until a transfer or disposal is effected in accordance with the direction or until the restriction on a transfer or disposal is removed, as the case may be. [S 26/2022 wef 13/01/2022] (4) In this section, “associate” has the meaning given by section 36(4)(c).