Power to make directions
29B.—(1)  Without prejudice to section 29A, if the Authority is satisfied that any person has contravened section 28, 29 or 29A(5) or has failed to comply with any condition imposed under section 28(3) or (4) or 29(4) or (5), or if the Authority has served a written notice of objection under section 29A, the Authority may, by notice in writing —
(a)direct the transfer or disposal of all or any of the shares in the licensed insurer concerned held by the person or any of his associates (referred to in this section as the specified shares) within such time or subject to such conditions as the Authority considers appropriate;
(b)restrict the transfer or disposal of the specified shares; or
(c)make such other direction as the Authority considers appropriate.
(2)  Any person to whom a notice is given under subsection (1) shall comply with such direction or directions as may be specified in the notice.
(3)  In the case of any direction made under subsection (1)(a) or (b), until a transfer or disposal is effected in accordance with the direction or until the restriction on the transfer or disposal is removed, as the case may be, notwithstanding any of the provisions of the Companies Act (Cap. 50) or the Insolvency, Restructuring and Dissolution Act 2018 or anything contained in the memorandum or articles of association of the licensed insurer concerned —
(a)no voting rights shall be exercisable in respect of the specified shares unless the Authority expressly permits such rights to be exercised;
(b)no shares of the insurer shall be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified shares unless the Authority expressly permits such issue or offer; and
(c)except in a liquidation of the insurer, no payment shall be made by the insurer of any amount (whether by way of dividends or otherwise) in respect of the specified shares unless the Authority expressly authorises such payment.
[Act 40 of 2018 wef 30/07/2020]
(4)  Any person who contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction —
(a)in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
(b)in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
[Act 11 of 2013 wef 18/04/2013]