s 66 Control of shareholdings and voting power in casino operator
66.—(1) A person must not, on or after the relevant date in relation to a casino operator, become —(a) a 12% controller; (b) a 20% controller; or (c) an indirect controller, of that casino operator without first obtaining the approval of the Authority. [36/2012] [Act 29 of 2024 wef 30/10/2024] (2) Subject to section 67(4), a person who, immediately before the relevant date in relation to a casino operator, is —(a) a 12% controller; (b) a 20% controller; or (c) an indirect controller, of that casino operator must not continue to be such a controller unless the person has, within 6 months after the relevant date or such longer period as the Authority may allow, applied to the Authority for approval to continue to be such a controller. [36/2012] [Act 29 of 2024 wef 30/10/2024] (3) In subsections (1) and (2) —“12% controller” means a person who, alone or together with the person’s associates —(a) holds or has interests in 12% or more but less than 20% of the total number of issued shares in a casino operator; or[Act 29 of 2024 wef 30/10/2024] (b) is in a position to control voting power of 12% or more but less than 20% in a casino operator; [Act 29 of 2024 wef 30/10/2024] “20% controller” means a person who, alone or together with the person’s associates —(a) holds or has interests in 20% or more of the total number of issued shares in a casino operator; or[Act 29 of 2024 wef 30/10/2024] (b) is in a position to control voting power of 20% or more in a casino operator; [Act 29 of 2024 wef 30/10/2024] “indirect controller” means any person, whether acting alone or together with any other person, and whether with or without holding shares or controlling voting power in a casino operator, who is, in the opinion of the Authority, a person —(a) in accordance with whose directions, instructions or wishes the directors of the casino operator are accustomed or under an obligation, whether formal or informal, to act; or[Act 29 of 2024 wef 30/10/2024] (b) who is in a position to determine the policy of the casino operator, but does not include any person in accordance with whose directions, instructions or wishes the directors of the casino operator are accustomed to act by reason only that they act on advice given by that person in his or her professional capacity. [36/2012] [Act 29 of 2024 wef 30/10/2024] (4) For the purposes of subsection (3), a reference to the control of a percentage of the voting power in a casino operator is a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the casino operator.[36/2012] [Act 29 of 2024 wef 30/10/2024]