There would however be value in introducing a require- ment that licensees should notify the Television Authority of any changes in directors, office holders memo nulor major shareholdings in the company within a niesofshort specified period of such a change. This
cole.bimm
obligation would reduce the possibility of signi- ficant shareholdings passing into undesirable hands and remaining there for some period of time before the Television Authority becomes aware of the situation and before action under section 14(1) can be taken. Loopholes for building up clandestine, defacto control would still exist (although one method - the acquisition of shares through nominees is effectively precluded under section 10(g) of the Television Ordinance) but it is considered never- theless that disclosure would provide some deterrent amarito an unknown change in control, additional to
powers under section 14(1),
Harsany
*
new
ܐ܂
:
G
It is proposed therefore to amend the Television Ordinance so as to require licensees to notify the Television Authority in writing of:
any change in directors and office holders in the company (within, say, 7 days of such a change);
(i)
(ii)
(iii) gaidsummen at j
(iv)
the name and place of residence of any shareholder who has, as at the commencement date of the proposed: amending legislation, 5% or more ofte lu the voting shares of the company, (notification to be within, say, 7. days of the commencement of the legislation);
!!.
any shareholder who at any subsequent time builds up his holding to 5% or
more of the voting shares of the company, thus becoming 'a major shareholder' (notification to be within 7 days from the date of registration by the company of the relevant transfer(s)); and
all purchases and sales of shares by 'major shareholders' as defined at (iii) above (notification to be within 7 days from the date of registration by the company of the relevant transfer (s)).
This requirement could be inserted in section 40 of the Television Ordinance and would be in addition to section 40(1) which requires licensees to submit
CONFIDENTIAL #
機密