Control of substantial shareholdings in transferee holding company
15.—(1)  No person shall enter into any agreement to acquire shares by virtue of which he would, if the agreement is carried out, acquire a substantial shareholding in the transferee holding company without first notifying the Authority of his intention to enter into the agreement and obtaining the approval of the Authority to his entering into the agreement.
(2)  The Authority may grant its approval referred to in subsection (1) subject to such conditions as it considers appropriate to impose.
(3)  Without prejudice to subsection (6), the Authority may, for the purposes of securing compliance with subsection (1) or any condition imposed under subsection (2), by notice in writing direct the transfer or disposal of all or any of the transferee holding company’s shares in which the substantial shareholder has or has had an interest.
(4)  Any person who is in receipt of a direction given by the Authority under subsection (3) shall transfer or dispose of the number of shares of the transferee holding company which are the subject of such direction, and until such transfer or disposal —
(a)no voting rights shall be exercisable in respect of that number of shares;
(b)no shares of the transferee holding company shall be issued or offered (whether by way of rights, bonus or otherwise) in respect of that number of shares; and
(c)except in a liquidation of the transferee holding company, no payment shall be made by the transferee holding company of any sums (whether by way of dividends or otherwise) in respect of that number of shares.
(5)  For the purposes of this section —
“interest” has the same meaning as in section 7 of the Companies Act (Cap. 50);
“substantial shareholder” and “substantial shareholding” have the same meanings as in section 81 of the Companies Act.
(6)  Any person who contravenes subsection (1) or (4) or who fails to comply with any condition imposed by the Authority under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.