Repeal and
replacement of sections 9, 10
and 11.
7.
Sections 9. 10 and 11 of the principal Ordinance are repealed and replaced by the following-
"Period of
validity of
licence.
Competence
of applicants for licences, (Cap. 32)
9.
(1) A licence shall be-
(a) valid for such period as the Governor in Council may determine by order, this period being not less than 15 years from the date on which it is granted; and
(b) subject to renewal within that period of validity on such dates as may be specified in the licence or determined by the Governor in Council by order.
(2) An order made by the Governor in Council under paragraph (a) or (b) of subsection (1) shall be published in the Gazette.
10. A licence may be granted only to a company formed and registered under the Companies Ordin- ance which complies with the following conditions-
(a) the only business carried on by the com-
pany shall be
(i) to establish and operate a television broadcasting service.
(ii) to establish and operate such asso- ciated telecommunication services ancillary to the operation of a television broadcasting service as may be authorized by the Tele- communications Authority; and
(ii) to carry on such forms of business as may be directly connected or associated with the foregoing:
(b) the majority of the directors of the company shall be British subjects ordinarily resident in Hong Kong:
(c) the majority of the directors required under paragraph (6) shall participate actively in the direction of the company:
(d) a quorum of any meeting of the directors of
the company shall have a majority of direc tors who are British subjects ordinarily resident in Hong Kong:
(e) the principal officers of the company, includ- ing the officer responsible for the selection of programmes, shall be British subjects ordinarily resident in Hong Kong:
Special conditions
of licence.
(Cap. 321
5
( no disqualified person other than a person whose disqualification was disclosed in the application for the licence shall exercise control of the company;
(g) the company shall be prohibited under its articles of association from registering the Transfer of any of its voting shares to the nominee of any person or company;
(A) the articles of association of the company shall provide that the company shall, before registering the transfer of any of its voting shares, require to be furnished to it a statutory declaration signed by or on behalf of the transferec stating-
(i) whether or not the transferee is ordi- narily resident in Hong Kong: and
(ii) whether or not the transferee is the nominee of any person or company;
the company shall be empowered under its memorandum of association to comply fully with the provisions of this Ordinance and the conditions of its licence;
() not less than 25 per cent of the voting shares of the company shall, at the date of issue of the licence, be beneficially owned by persons or companies ordinarily resident in Hong Kong.
11. (1) Subject to section 11A, a licensee- (a) shall comply at all times with paragraphs
(a) to (i) of section 10:
(6) shall ensure that, on or before the expira- tion of 4 years after the date of issue of its licence and at all times thereafter-
() not less than 51 per cent of the voting shares of the company are beneficially owned at all times by persons or companies ordinarily resident in Hong Kong, and
(ii) the voting shares of the company are officially listed on at least one recognized stock exchange, as defined by the Companies Ordinance, and that not less than 25 per cent thereof are, or have been, made avail- able to the public;