Control of substantial shareholdings of insurers incorporated in Singapore
28.—(1)  No person shall, after 1st January 1987, enter into any agreement to acquire shares by virtue of which he would, if the agreement is carried out, acquire a substantial shareholding in a registered insurer that is incorporated in Singapore 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)  For the purposes of this section —
(a)a reference to an agreement by which a person would acquire a substantial shareholding in a registered insurer includes a reference to an agreement by virtue of which the person would acquire any interests in shares in the insurer where, upon the acquisition by him of those interests or of those interests and of any interests in other shares in the insurer, being interests that he has offered to acquire, he would acquire a substantial shareholding in the insurer;
(b)a reference to a person offering to acquire interests in shares and to a person having an interest in shares shall be construed in the same way as under section 26; and
(c)a substantial shareholding has the same meaning as in section 81 of the Companies Act [Cap. 50].
(3)  Any person who contravenes subsection (1) 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 one year or to both.
[11/86]