s 63C Approval of applications under section 63B
63C.—(1) The Authority may approve an application of a person for the Authority’s approval under section 63B(3) if the Authority is satisfied that —(a) the person, and every associate of the person known to the Authority, is a fit and proper person;[Act 27 of 2024 wef 01/07/2025] (b) having regard to the likely influence of the person and every associate of the person known to the Authority —(i) the designated gas licensee or designated entity (as the case may be) will continue to conduct its business prudently and comply with the provisions of this Act; or (ii) the trustee-manager of the designated business trust will continue to conduct the business of the business trust prudently and comply with the provisions of this Act; and[Act 27 of 2024 wef 01/07/2025] (c) it is in the public interest to do so.[24/2007] (1A) The Authority may approve an application of a person for the Authority’s approval under section 63B(3A) if the Authority is satisfied that —(a) the designated gas licensee, the designated entity or the trustee-manager of the designated business trust will continue to conduct its business or the business of the business trust (as the case may be) prudently and comply with the provisions of this Act, despite the person ceasing to be a 50% controller or a 75% controller; and (b) it is in the public interest to do so.[Act 27 of 2024 wef 01/07/2025] (2) The Authority may approve an application for the Authority’s approval under section 63B(4) if the Authority is satisfied that —(a) the person acquiring the business is a fit and proper person; (b) the acquisition will not affect the security or reliability of the conveyance of gas to consumers’ premises; and (c) it is in the public interest to do so.[24/2007] (3) Any approval granted by the Authority under this section is without prejudice to the operation of Part 9.[24/2007] (4) Any approval by the Authority under this section may be granted subject to such conditions as the Authority may determine, including but not limited to any condition —(a) restricting the disposal or further acquisition of equity interests or voting power in the designated gas licensee, designated entity or designated business trust; or (b) restricting the exercise of voting power in the designated gas licensee, designated entity or designated business trust.[24/2007] (5) The Authority may at any time add to, vary or revoke any condition imposed under this section.[24/2007] (6) Any condition imposed under this section has effect despite the provisions of any other written law or anything contained in the memorandum or articles of association, trust deed or other constitution of the designated gas licensee, designated entity or designated business trust.[24/2007; 43/2018]