8. The principal Act is amended by inserting, immediately after section 86, the following Part:“PART XIIA CONTROL OF DESIGNATED PUBLIC LICENSEES, DESIGNATED BUSINESS TRUSTS AND DESIGNATED EQUITY INTEREST HOLDERS |
Interpretation of this Part |
86A.—(1) In this Part, unless the context otherwise requires —“5% controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means a person who, alone or together with the person’s associates —(a) | holds 5% or more, but less than 25%, of the total equity interests in; or | (b) | is in a position to control 5% or more, but less than 25%, of the voting power in, |
the designated public licensee, designated business trust or designated equity interest holder, as the case may be; |
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“25% controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means a person who, alone or together with the person’s associates —(a) | holds 25% or more, but less than 50%, of the total equity interests in; or | (b) | is in a position to control 25% or more, but less than 50%, of the voting power in, |
the designated public licensee, designated business trust or designated equity interest holder, as the case may be; |
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“50% controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means a person who, alone or together with the person’s associates —(a) | holds 50% or more, but less than 75%, of the total equity interests in; or | (b) | is in a position to control 50% or more, but less than 75%, of the voting power in, |
the designated public licensee, designated business trust or designated equity interest holder, as the case may be; |
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“75% controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means a person who, alone or together with the person’s associates —(a) | holds 75% or more of the total equity interests in; or | (b) | is in a position to control 75% or more of the voting power in, |
the designated public licensee, designated business trust or designated equity interest holder, as the case may be; |
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“acquisition” includes an agreement to acquire, but does not include —(a) | an acquisition by will or by operation of law; or | (b) | an acquisition by way of enforcement of a loan security; |
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“arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied; |
“business trust” has the same meaning as in section 2 of the Business Trusts Act (Cap. 31A); |
“control” includes control as a result of, or by means of, any trust, agreement, arrangement, understanding or practice, whether or not having legal or equitable force and whether or not based on legal or equitable rights; |
“corporation” has the same meaning as in section 4(1) of the Companies Act (Cap. 50); |
“decrease”, in relation to the holding of equity interest, includes a decrease to a point of nil; |
“Depository” has the same meaning as in section 81SF of the Securities and Futures Act (Cap. 289); |
“designated business trust” means a business trust that has been designated under section 86D to be a designated business trust; |
“designated equity interest holder” means a person that has been designated under section 86D to be a designated equity interest holder; |
“designated public licensee” means a public licensee that has been designated under section 86D to be a designated public licensee; |
“director” has the same meaning as in section 4(1) of the Companies Act; |
“entity” includes a corporation and a limited liability partnership; |
“equity interest” means —(a) | in relation to a body corporate, a voting share in that body corporate; | (b) | in relation to an entity other than a body corporate, any right or interest, whether legal or equitable, in that entity, by whatever name called, which gives the holder of that right or interest voting power in that entity; and | (c) | in relation to a business trust, a unit in that business trust; |
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“increase”, in relation to the holding of equity interest, includes an increase from a starting point of nil; |
“indirect controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means any person, whether acting alone or together with any other person, and whether with or without holding equity interests or controlling the voting power in the designated public licensee, designated business trust or designated equity interest holder, as the case may be —(a) | whose directions, instructions or wishes the director or other officers of the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder, as the case may be, are accustomed or under an obligation, whether formal or informal, to act in accordance with; or | (b) | who is in a position to determine the policy of the designated public licensee, designated business trust or designated equity interest holder, as the case may be, |
(i) | any person who is a director or other officer of the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder, as the case may be; or | (ii) | any person whose directions, instructions or wishes the directors or other officers of the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder, as the case may be, are accustomed to act in accordance with by reason only that they act on advice given by the person in that person’s professional capacity; |
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“limited liability partnership” has the same meaning as in section 2(1) of the Limited Liability Partnerships Act (Cap. 163A); |
“liquidator” includes the Official Receiver when acting as the liquidator of a corporation; |
“officer”, in relation to a corporation, includes —(a) | a director or secretary of, or a person employed in an executive capacity by, the corporation; | (b) | any receiver or manager, or any receiver and manager, of any part of the undertaking of the corporation, appointed under a power contained in any instrument or by the High Court or by the creditors; | (c) | any liquidator of the corporation appointed in a voluntary winding up or by the High Court or by the creditors; and | (d) | any judicial manager of the corporation appointed by the High Court under Part VIIIA of the Companies Act; |
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“Official Receiver” means the Official Assignee as defined in section 2(1) of the Bankruptcy Act (Cap. 20); |
“related corporation”, in relation to a corporation, means another corporation that is deemed under section 86C(2) to be related to that corporation; |
“share”, in relation to a corporation, means a share in the share capital of the corporation and includes stock into which all or any of the share capital of the corporation has been converted; |
“treasury share” has the same meaning as in section 4(1) of the Companies Act; |
“trustee‑manager” has the same meaning as in section 2 of the Business Trusts Act; |
“unit” has the same meaning as in section 2 of the Business Trusts Act; |
“voting share” has the same meaning as in section 4(1) of the Companies Act but does not include a treasury share. |
(2) A reference in this Part to the control of a percentage of the voting power in a designated public licensee, designated business trust or designated equity interest holder 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 designated public licensee, designated business trust or designated equity interest holder, as the case may be. |
(3) In ascertaining a person’s control of the percentage of the total votes that might be cast at a general meeting mentioned in subsection (2), the number of votes that the person is entitled to cast at the meeting by reason of having been appointed a proxy or representative to vote at the meeting is to be disregarded. |
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What holding an equity interest means |
86B.—(1) In this Part, a person holds an equity interest if the person —(a) | has or is deemed to have an equity interest in accordance with subsections (2) to (7); or | (b) | otherwise has a legal or equitable interest in that equity interest, |
except for any interest prescribed under section 119 as an interest that is to be disregarded. |
(2) Subject to subsection (3), a person has an equity interest if the person has authority (whether formal or informal, or express or implied) to dispose of, or to exercise control over the disposal of, that equity interest. |
(3) It is immaterial that the authority of a person to dispose of, or to exercise control over the disposal of, the equity interest mentioned in subsection (2) is, or is capable of being made, subject to restraint or restriction. |
(4) It is immaterial, for the purposes of determining whether a person has an equity interest that the interest cannot be related to a particular share, an interest or right that gives its holder voting power, or a unit of a business trust, as the case may be. |
(5) A person is deemed to have an equity interest if —(a) | any property held in trust consists of or includes the equity interest; and | (b) | that person knows, or has reasonable grounds for believing, that that person has an interest under that trust. |
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(6) A person is also deemed to have an equity interest if that person —(a) | has entered into a contract to purchase the equity interest; | (b) | has a right, otherwise than by reason of having an interest under a trust, to have the equity interest transferred to (or to the order of) that person, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not; | (c) | has the right to acquire the equity interest under an option, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not; or | (d) | is entitled (otherwise than by reason of having been appointed a proxy or representative to vote at a general meeting of the entity in question) to exercise or control the exercise of a right attached to the equity interest, not being an equity interest in which that person has a legal or equitable interest. |
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(7) A person is not to be deemed as not having an equity interest by reason only that the person has the equity interest jointly with another person. |
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Meanings of “associate”, “subsidiary” and “holding company” |
86C.—(1) In this Part, a person (A) is an associate of another person (B) if —(a) | A is the spouse, or a parent, step‑parent or remoter lineal ancestor, or a son, stepson, daughter, stepdaughter or remoter issue, or a brother or sister, of B; | (b) | A is a partner of B in a partnership or limited liability partnership; | (c) | A is a corporation of which B is an officer; | (d) | B is a corporation of which A is an officer; | (e) | A and B are officers of the same corporation; | (f) | A is an employee of B; | (g) | B is an employee of A; | (h) | A and B are employees of the same employer; | (i) | A is the trustee of a discretionary trust where B (or another person who is an associate of B by virtue of any paragraph (except this paragraph and paragraphs (j) and (r)) of this subsection benefits, or is capable (whether by exercise of a power of appointment or otherwise) of benefitting, under the trust, either directly or through interposed entities or trusts; | (j) | B is the trustee of a discretionary trust where A (or another person who is an associate of A by virtue of any paragraph (except this paragraph and paragraphs (i) and (r)) of this subsection benefits, or is capable (whether by exercise of a power of appointment or otherwise) of benefitting, under the trust, either directly or through interposed entities or trusts; | (k) | A is a corporation whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B or, where B is a corporation, of the directors of B; | (l) | B is a corporation whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of A or, where A is a corporation, of the directors of A; | (m) | A is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B or, where B is a corporation, of the directors of B; | (n) | B is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of A or, where A is a corporation, of the directors of A; | (o) | A is a related corporation of B; | (p) | A is a corporation in which B, alone or together with other associates of B as described in paragraphs (b) to (o), is in a position to control not less than 20% of the voting power in A; | (q) | B is a corporation in which A, alone or together with other associates of A as described in paragraphs (b) to (o), is in a position to control not less than 20% of the voting power in B; or | (r) | A is a person with whom B enters, or proposes to enter, into an agreement or arrangement (whether oral or in writing and whether express or implied) that relates to any of the following matters:(i) | A and B being in a position, by acting together, to control any of the voting power in a designated public licensee, designated business trust or designated equity interest holder; | (ii) | A and B acting together with respect to the acquisition, holding or disposal of equity interests or other interests in a designated public licensee, designated business trust or designated equity interest holder; | (iii) | the power of A and B, by acting together, to appoint or remove a director of a designated public licensee or designated equity interest holder, or a director of the trustee‑manager of a designated business trust; | (iv) | the situation where one or more of the directors of —(A) | a designated public licensee or designated equity interest holder; or | (B) | the trustee‑manager of a designated business trust, |
are accustomed or under an obligation (whether formal or informal) to act in accordance with the directions, instructions or wishes of A and B acting together. |
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(2) A corporation (A) and another corporation (B) are deemed to be related to each other for the purposes of this section where A is —(a) | the holding company of B; | (b) | a subsidiary of B; or | (c) | a subsidiary of the holding company of B. |
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(3) For the purposes of subsection (2), a corporation (A) is, subject to subsection (5), deemed to be a subsidiary of another corporation (B) if —(a) | B controls the composition of the board of directors of A; | (b) | B controls more than half of the voting power of A; or | (c) | A is a subsidiary of any corporation which is B’s subsidiary. |
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(4) For the purposes of subsection (3), the composition of A’s board of directors is deemed to be controlled by B if B, by the exercise of some power exercisable by it without the consent or concurrence of any other person, can appoint or remove all or a majority of the directors, and for the purposes of this provision, B is deemed to have power to make such an appointment if —(a) | a person cannot be appointed as a director without the exercise in the person’s favour by B of such a power; or | (b) | a person’s appointment as a director follows necessarily from that person being a director or other officer of B. |
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(5) In determining whether one corporation (A) is the subsidiary of another corporation (B) —(a) | any shares held or power exercisable by B in a fiduciary capacity is treated as not held or exercisable by B; | (b) | subject to paragraphs (c) and (d), any shares or power exercisable —(i) | by any person as a nominee for B (except where B is concerned only in a fiduciary capacity); or | (ii) | by, or by a nominee for, a subsidiary of B, not being a subsidiary which is concerned only in a fiduciary capacity, |
is to be treated as being held or exercisable by B; |
| (c) | any shares held or exercisable by any person by virtue of the provisions of any debentures of A, or of a trust deed for securing any issue of such debentures, are to be disregarded; and | (d) | any shares held or exercisable by, or by a nominee for, B or its subsidiary (not being held or exercisable as mentioned in paragraph (c)) is to be treated as not held or exercisable by B if the ordinary business of B or its subsidiary, as the case may be, includes the lending of money and the shares are so held or power is so exercisable by way of security only for the purposes of a transaction entered into in the ordinary course of that business. |
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(6) A reference in this section to the holding company of a corporation is to be read as a reference to a corporation of which the last mentioned corporation is a subsidiary. |
(7) For the purposes of this section, the Depository is not to be regarded as a holding company of a corporation by reason only of the shares it holds in that corporation as a bare trustee. |
(8) The Authority may, with the approval of the Minister, make regulations prescribing that any person or class of persons are not associates of another person for the purposes of any provision of this Part. |
(9) In this section, “officer”, in relation to a corporation, means a director or secretary of, or any person employed in an executive capacity by, the corporation. |
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Designation of public licensees, business trusts and equity interest holders |
86D. The Authority may, after consultation with the Minister, by notification in the Gazette —(a) | designate a public licensee as a designated public licensee; | (b) | designate, as a designated business trust, a business trust that is established wholly or partly in respect of a business operated or managed by a trustee‑manager licensed under section 81 to provide any marine service or facility or any port service or facility in or through that business; or | (c) | designate a person who holds any equity interest in a designated public licensee or designated business trust as a designated equity interest holder, |
if the Authority considers that such designation is necessary in the public interest. |
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Notice to Authority by 5% controller |
86E.—(1) If a person becomes a 5% controller of a designated public licensee, designated business trust or designated equity interest holder as a result of an increase in the holding of equity interest, or in the voting power controlled, by that person or any associate of that person, that person must within 7 days after becoming the 5% controller give notice in writing to the Authority of that fact.(2) Any person who contravenes subsection (1) shall be guilty of an offence. |
(3) In any proceedings for an offence in relation to a contravention of subsection (1), it is a defence for the accused to prove that the accused —(a) | was not aware of the contravention when it occurred; and | (b) | notified the Authority of the contravention within a period of 14 days after becoming aware of the contravention. |
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(4) In any proceedings for an offence in relation to a contravention of subsection (1), it is also a defence for the accused to prove that, though the accused was aware of the contravention —(a) | the contravention occurred as a result of an increase in the holding of equity interest, or in the voting power controlled, by any of the associates of the accused, in the designated public licensee, designated business trust or designated equity interest holder, as the case may be; | (b) | the accused has no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate with respect to the acquisition, holding or disposal of equity interests or other interests, or under which they act together in exercising their voting power, in relation to the designated public licensee, designated business trust or designated equity interest holder, as the case may be; and | (c) | the accused notified the Authority of the contravention within a period of 7 days after the contravention of subsection (1). |
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(5) Except as provided in subsections (3) and (4), it is not a defence in any proceedings for an offence in relation to a contravention of subsection (1) to prove that the accused did not intend to or did not knowingly contravene subsection (1). |
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Approvals of Authority in relation to equity interests and control of voting power in certain cases |
86F.—(1) Except with the prior written approval of the Authority, a person must not —(a) | as a result of an increase in the holding of equity interest, or in the voting power controlled, by that person or any associate of that person, become a 25% controller or 50% controller of a designated public licensee, designated business trust or designated equity interest holder; or | (b) | as a result of a decrease in the holding of equity interest, or in the voting power controlled, by that person or any associate of that person, cease to be a 50% controller or 75% controller of a designated public licensee, designated business trust or designated equity interest holder. |
(2) Subsection (1) does not apply where the transaction through which a person becomes a 25% controller or 50% controller, or ceases to be a 50% controller or 75% controller, is entered into before the relevant date. |
(3) A person must not become an indirect controller of a designated public licensee, designated business trust or designated equity interest holder on or after the relevant date, unless the person has obtained the prior written approval of the Authority. |
(4) The Authority may approve an application under subsection (1)(a) or (3) if the Authority is satisfied —(a) | that the person who is to become a 25% controller or 50% controller or an indirect controller of a designated public licensee, designated business trust or designated equity interest holder, as the case may be, and every associate of that person, is a fit and proper person; | (b) | that having regard to the influence of —(i) | the person mentioned in paragraph (a); and | (ii) | every associate of that person, |
the designated public licensee, designated business trust or the designated equity interest holder, as the case may be, will continue to conduct its business prudently and comply with the provisions of this Act; and |
| (c) | that it is in the public interest to do so. |
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(5) The Authority may approve an application under subsection (1)(b) if the Authority is satisfied that —(a) | the provision of any marine service or facility or any port service or facility by —(i) | the designated public licensee of which the applicant is a 50% controller or 75% controller; | (ii) | the trustee‑manager of the designated business trust of which the applicant is a 50% controller or 75% controller; or | (iii) | in the case where the applicant is a 50% controller or 75% controller of a designated equity interest holder, the designated public licensee or the trustee‑manager of the designated business trust, in relation to which the designated equity interest holder is so designated, |
as the case may be, will continue to be reliable, efficient and economical with reference to recognised international standards and any codes or standards issued or set by the Authority; |
| (b) | the designated public licensee mentioned in paragraph (a)(i) or (iii) will continue to conduct its business prudently and comply with the provisions of this Act, or the trustee‑manager mentioned in paragraph (a)(ii) or (iii) will continue to conduct the business of the designated business trust prudently and comply with the provisions of this Act; and | (c) | it is in the public interest to do so. |
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(6) An approval of the Authority under this section may be granted subject to such conditions as the Authority considers appropriate to impose. |
(7) Any condition imposed by the Authority under subsection (6) has effect despite the provisions of any other written law or anything contained in the memorandum or articles of association, trust deed or other constitution of the designated public licensee, designated business trust or designated equity interest holder in relation to which the application for approval under subsection (1) or (3) is made. |
(8) Any person who is aggrieved by the refusal of the Authority to grant an approval required under subsection (1) or (3), or by the imposition under subsection (6) of any condition, may within 14 days after being informed of the refusal or the imposition of the condition, as the case may be, appeal to the Minister whose decision is final. |
(9) Any person who contravenes subsection (1) or (3) shall be guilty of an offence. |
(10) In any proceedings for an offence in relation to a contravention of subsection (1), it is a defence for the accused to prove that —(a) | the accused was not aware of the contravention when it occurred; | (b) | the accused notified the Authority of the contravention within a period of 14 days after becoming aware of the contravention; and | (c) | where the Authority issued any direction under section 86G relating to the contravention and the holding of equity interests or the control of voting power by the accused in the designated public licensee, designated business trust or designated equity interest holder, as the case may be —(i) | the accused complied with the direction within the period determined by the Authority under that section; or | (ii) | the period determined by the Authority under that section for the compliance of the direction has not expired. |
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(11) In any proceedings for an offence in relation to a contravention of subsection (1), it is also a defence for the accused to prove that even though the accused was aware of the contravention —(a) | the contravention occurred as a result of an increase or decrease in the holding of equity interest, or in the voting power controlled, by any of the associates of the accused, in the designated public licensee, designated business trust or designated equity interest holder, as the case may be; | (b) | the accused has no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate with respect to the acquisition, holding or disposal of equity interests or other interests, or under which they act together in exercising their voting power, in relation to the designated public licensee, designated business trust or designated equity interest holder, as the case may be; | (c) | the accused notified the Authority of the contravention within a period of 7 days after the contravention; and | (d) | where the Authority issued any direction under section 86G relating to the contravention and the holding of equity interests or the control of voting power by the accused in the designated public licensee, designated business trust or designated equity interest holder, as the case may be —(i) | the accused complied with the direction within the period determined by the Authority under that section; or | (ii) | the period determined by the Authority under that section for the compliance of the direction has not expired. |
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(12) In any proceedings for an offence in relation to a contravention of subsection (3), it is a defence for the accused to prove that —(a) | the accused was not aware of the contravention when it occurred; | (b) | the accused notified the Authority of the contravention within a period of 14 days after the contravention; and | (c) | where the Authority issued any direction under section 86G relating to the contravention and the accused becoming an indirect controller of the designated public licensee, designated business trust or designated equity interest holder, as the case may be —(i) | the accused complied with the direction within the period determined by the Authority under that section; or | (ii) | the period determined by the Authority under that section for the compliance of the direction has not expired. |
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(13) Except as provided in subsections (10), (11) and (12), it is not a defence in any proceedings for an offence in relation to a contravention of subsection (1) or (3) to prove that the accused did not intend to or did not knowingly contravene subsection (1) or (3), as the case may be. |
(14) In subsections (2) and (3), “relevant date” means the 14th day after the date of commencement of section 8 of the Maritime and Port Authority of Singapore (Amendment) Act 2017. |
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86G.—(1) Subsection (2), (3) or (4) applies if the Authority is satisfied that —(a) | the person mentioned in that subsection has contravened section 86F(1) or (3) (called in this section a defaulter); | (b) | any condition of approval imposed on the defaulter under section 86F(6) has not been complied with; or | (c) | the defaulter has furnished false or misleading information or documents in connection with an application for approval under section 86F(1) or (3). |
(2) Where a defaulter is a 25% controller or 50% controller of a designated public licensee, designated business trust or designated equity interest holder, the Authority may do any one or more of the following:(a) | direct the defaulter to take such steps as are necessary, within such period as may be specified by the Authority, to cease to be a 25% controller or 50% controller, as the case may be, of the designated public licensee, designated business trust or designated equity interest holder, as the case may be; | (b) | direct the transfer or disposal of all or any of the equity interest in the designated public licensee, designated business trust or designated equity interest holder, as the case may be, held by the defaulter or any of the defaulter’s associates (called in this section and section 86H the specified equity interest), within such time and subject to such conditions as the Authority considers appropriate; | (c) | restrict the transfer or disposal of all or any of the specified equity interest, subject to such conditions as the Authority considers appropriate; | (d) | make such other direction as the Authority considers appropriate. |
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(3) Where, as a result of a person (called in this subsection the transferee) acquiring any equity interest from a defaulter who is a 50% controller or 75% controller of a designated public licensee, designated business trust or designated equity interest holder (called in this section and section 86H the specified acquired equity interest), the defaulter ceases to be a 50% controller or 75% controller, as the case may be, the Authority may do any one or more of the following:(a) | direct the transferee to take such steps as are necessary, within such period as may be specified by the Authority, to cease to hold all or any of the specified acquired equity interest; | (b) | direct the defaulter to take such steps as are necessary within such period as may be specified by the Authority, to resume being a 50% controller or 75% controller, as the case may be; | (c) | direct the acquisition, transfer or disposal of all or any of the specified acquired equity interest within such time and subject to such conditions as the Authority considers appropriate; | (d) | restrict the transfer or disposal of all or any of the specified acquired equity interest, subject to such conditions as the Authority considers appropriate; | (e) | make such other direction as the Authority considers appropriate. |
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(4) Where a defaulter is an indirect controller of a designated public licensee, designated business trust or designated equity interest holder, the Authority may do one or both of the following:(a) | direct the defaulter, or direct the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder, as the case may be, to take such steps as are necessary, within such period as may be specified by the Authority, to cease to be such an indirect controller or to cause the defaulter to cease to be such an indirect controller; | (b) | make such other direction as the Authority considers appropriate. |
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(5) Before issuing any direction to a person under subsection (2), (3) or (4), the Authority must —(a) | unless the Authority decides that it is not practicable or desirable to do so, give the person written notice of the Authority’s intention to issue the direction and to specify a date by which the person may make written representations with regard to the direction; and | (b) | consider every written representation from the person received on or before the specified date mentioned in paragraph (a). |
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(6) The Authority may, at any time, revoke, vary or discharge any direction given by it under subsection (2), (3) or (4) or suspend the operation of any such direction. |
(7) Any person who is aggrieved by the Authority’s decision to issue a direction under subsection (2), (3) or (4) or to vary a direction under subsection (6) may, within 14 days after being informed of the decision, appeal to the Minister whose decision is final. |
(8) Despite the fact that any appeal under subsection (7) is pending, any direction issued by the Authority under subsection (2), (3) or (4) and any variation of a direction under subsection (6), takes effect from the date specified by the Authority, unless the Minister otherwise directs. |
(9) Any person who fails to comply with a direction issued by the Authority under subsection (2), (3) or (4) (including a direction that is varied under subsection (6)) within the period specified by the Authority, shall be guilty of an offence. |
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Effect of remedial directions, etc. |
86H.—(1) Any direction issued to a person, and any condition imposed, under section 86G(2) or (3) takes effect, despite —(a) | the Business Trusts Act (Cap. 31A), the Companies Act (Cap. 50) and the Limited Liability Partnerships Act (Cap. 163A); | (b) | anything in any listing rules as defined in section 2(1) of the Securities and Futures Act (Cap. 289); and | (c) | the provisions of the memorandum or articles of association, trust deed or other constitution of the designated public licensee, designated business trust or designated equity interest holder in question. |
(2) Without affecting subsection (1), where any direction is issued under section 86G(2) or (3), then, until the direction is carried out or is suspended or revoked —(a) | the voting rights in respect of the specified equity interest or specified acquired equity interest that is subject to the direction, are not exercisable unless the Authority expressly permits such rights to be exercised; | (b) | the voting power that the person to whom the direction is issued controls, whether alone or together with that person’s associates, in the designated public licensee, designated business trust or designated equity interest holder, as the case may be, is not exercisable unless the Authority expressly permits such power to be exercised; | (c) | no equity interest in the designated public licensee, designated business trust or designated equity interest holder is to be issued or offered (whether by way of dividends or otherwise) in respect of the specified equity interest or specified acquired equity interest that is subject to the direction, unless the Authority expressly permits such issue or offer; and | (d) | no amount may be paid (whether by way of profits, income or otherwise) in respect of the specified equity interest or specified acquired equity interest that is subject to the direction, unless the Authority expressly authorises such payment. |
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(3) Subsection (2)(d) does not apply in the event of a winding up of the designated public licensee, designated business trust or designated equity interest holder, as the case may be. |
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Penalties under this Part |
86I. A person guilty of an offence under this Part shall be liable on conviction —(a) | in the case of an individual, to a fine not exceeding $500,000 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 $50,000 for every day or part of a day during which the offence continues after conviction; or | (b) | in any other case, to a fine not exceeding $1 million and, in the case of a continuing offence, to a further fine not exceeding $100,000 for every day or part of a day during which the offence continues after conviction.”. |
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