s 24 Power to make directions in relation to designated financial holding company without bank subsidiary
24.—(1) Without prejudice to section 26, if the Authority is satisfied that any person has contravened section 20, 21, 22(5) or 23(6) or has failed to comply with any condition imposed under section 22(2), or if the Authority has served a written notice of objection under section 23, the Authority may, by direction in writing —(a) direct the transfer or disposal of all or any of the shares in the designated financial holding company held by the person or any of his associates (referred to in this section as the specified shares) within such time or subject to such conditions as the Authority considers appropriate; (b) restrict the transfer or disposal of the specified shares; or (c) make such other direction or directions as may be specified in the notice. (2) Any person to whom a direction is given under subsection (1) shall comply with such direction or directions as may be specified therein. (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, notwithstanding any of the provision of the Companies Act (Cap. 50) or the Insolvency, Restructuring and Dissolution Act 2018 or anything contained in the memorandum or articles of association of the designated financial holding company —(a) no voting rights shall be exercisable in respect of the specified shares unless the Authority expressly permits such rights to be exercised; (b) no shares of the designated financial holding company shall be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified shares unless the Authority expressly permits such issue or offer; and (c) except in a liquidation of the designated financial holding company, no payment shall be made by the designated financial holding company of any amount (whether by way of dividends or otherwise) in respect of the specified shares unless the Authority expressly authorises such payment.[Act 40 of 2018 wef 30/06/2022]