s 29Y Meaning of “voting power”
29Y.—(1) For the purposes of this Division, a reference to the voting power in a cruise terminal licensee is a reference to the total rights of the holders of equity interests in the cruise terminal licensee to vote, or participate in any decision‐making, concerning any of the following:(a) the making of distributions of capital or profits of the cruise terminal licensee to holders of its equity interests; (b) the memorandum or articles of association of the cruise terminal licensee, or any rules or other documents constituting the cruise terminal licensee or governing its activities; (c) any variation of the share capital of the cruise terminal licensee. (2) Where a cruise terminal licensee is a corporation limited both by shares and by guarantee or does not have a share capital, subsection (1) has effect as if the members or policy holders of the corporation were shareholders in the corporation. (3) A reference in this Division to control of a percentage of the voting power in a cruise terminal licensee is a reference to control that is direct or indirect, including control that is exercisable as a result of or by means of arrangements or practices, whether or not having legal or equitable force and whether or not based on legal or equitable rights, of that percentage of the total number of votes that may be cast in a general meeting of the cruise terminal licensee. (4) If the percentage of total rights to vote or participate in decision-making differs as between different types of voting or decision-making, the highest of those percentages applies for the purposes of this Division.[Act 28 of 2022 wef 01/04/2023]