s 29R Control of equity interest or voting control in cruise terminal licensee
29R.—(1) A person must not, whether through a series of transactions over a period of time or otherwise —(a) become a 5% controller of a cruise terminal licensee without giving written notice to the Controller of that fact; or (b) become a 25% controller, a 50% controller or an indirect controller of a cruise terminal licensee without obtaining the prior written approval of the Controller. (2) The written notice under subsection (1)(a) must be given within 7 days after the person becomes a 5% controller of the cruise terminal licensee. (3) The Controller may approve an application under subsection (1)(b) if the Controller is satisfied that —(a) the person who is to be a 25% controller, a 50% controller or an indirect controller of the cruise terminal licensee (as the case may be) is a fit and proper person; (b) having regard to the person’s likely influence, the cruise terminal licensee will continue to conduct its business prudently and comply with the provisions of this Act; and (c) it is in the public interest to do so. (4) Any approval by the Controller under this section may be granted subject to any conditions that the Controller considers appropriate. (5) Any condition subject to which the Controller’s approval under this section is granted 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 cruise terminal licensee. (6) A cruise terminal licensee must give written notice to the Controller if any person acquires equity interest in the cruise terminal licensee, whether through a series of transactions over a period of time or otherwise, that would result in the person becoming a 5% controller, a 25% controller, a 50% controller or an indirect controller of the cruise terminal licensee. (7) The written notice under subsection (6) must be given within 7 days after the person becomes a 5% controller, a 25% controller, a 50% controller or an indirect controller of the cruise terminal licensee. (8) Any person who contravenes subsection (1) or (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both. (9) Where a person is charged with an offence in respect of a contravention of subsection (1) or (6), it is a defence for the person to prove that —(a) the person was not aware of the contravention when it occurred; (b) the person has within 14 days after becoming aware of the contravention, notified the Controller of the contravention; and (c) where the Controller issued any direction under section 29T to the person in relation to the contravention —(i) the person complied with the direction within the period specified by the Controller under that section; or (ii) the period specified by the Controller under that section for the compliance of the direction has not expired. (10) Where a person is charged with an offence in respect of a contravention of subsection (1)(a) or (b), it is also a defence for the person to prove that, even though the person was aware of the contravention —(a) the contravention occurred as a result of an increase in the holding of equity interest, or in the voting power controlled, by any of the person’s associates; (b) the person has no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of equity interests or other interests in, or under which they act together in exercising their voting power in relation to, the cruise terminal licensee; (c) the person has within 14 days after the date of the contravention, notified the Controller of the contravention; and (d) where the Controller issued any direction under section 29T to the person in relation to the contravention —(i) within the period specified by the Controller under that section, complied with the direction; or (ii) the period specified by the Controller under that section for the compliance of the direction has not expired. (11) Except as provided in subsections (9) and (10), it is not a defence for a person charged with an offence in respect of a contravention of subsection (1) or (6) to prove that the person did not intend to or did not knowingly contravene subsection (1) or (6).[Act 28 of 2022 wef 01/04/2023]