Application and interpretation of sections 40 to 45
39.—(1)  This section and sections 40 to 45 apply to —
(a)all individuals whether resident in Singapore or not and whether citizens of Singapore or not; and
(b)all entities.
(2)  In sections 40 to 45, unless the context otherwise requires —
“12% controller”, in relation to a licensed credit bureau, means a person, not being a 20% controller, that alone or together with the person’s associates —
(a)has an interest in 12% or more of the shares in the licensed credit bureau; or
(b)is in a position to control 12% or more of the votes in the licensed credit bureau;
“20% controller”, in relation to a licensed credit bureau, means a person that, alone or together with the person’s associates —
(a)has an interest in 20% or more of the shares in the licensed credit bureau; or
(b)is in a position to control 20% or more of the votes in the licensed credit bureau;
“arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied;
“indirect controller”, in relation to a licensed credit bureau, 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 licensed credit bureau —
(a)in accordance with whose directions, instructions or wishes the directors of the licensed credit bureau are accustomed or under an obligation, whether formal or informal, to act; or
(b)that is in a position to determine the policy of the licensed credit bureau,
but excludes any person —
(c)who is a director or other officer of the licensed credit bureau whose appointment has been approved by the Authority; or
(d)in accordance with whose directions, instructions or wishes the directors of the licensed credit bureau are accustomed to act by reason only that they act on advice given by the person in the person’s professional capacity;
“substantial shareholder” has the meaning given by section 81 of the Companies Act 1967;
“voting share” has the meaning given by section 4(1) of the Companies Act 1967.
(3)  In this section and sections 40 to 45 —
(a)a person has an interest in a share if —
(i)the person has or is treated to have an interest in that share under section 7(1A), (1B), (2), (6), (7) to (10) of the Companies Act 1967; or
(ii)the person otherwise has a legal or equitable interest in that share, except an interest disregarded under section 7(9) of the Companies Act 1967;
(b)a reference to the control of a percentage of the votes in a licensed credit bureau 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 licensed credit bureau; and
(c)a person (A) is an associate of another person (B) if —
(i)A is the spouse, a parent, remoter lineal ancestor or step‑parent, a son, daughter, remoter issue, stepson or stepdaughter or a brother or sister of B;
(ii)A is a body corporate that is, or a majority of the directors of which are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B;
(iii)A is a person that is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B;
(iv)A is a subsidiary of B;
(v)A is a body corporate in which B, whether alone or together with other associates of B as described in sub‑paragraphs (ii), (iii) and (iv), is in a position to control 20% or more of the votes in A; or
(vi)A is a person with whom B has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together with respect to the acquisition, holding or disposal of shares or other interests in, or with respect to the exercise of their votes in relation to, the licensed credit bureau.