Exceptions to special conditions
of licence.
6
(c) shall refuse to register the transfer of any of the voting shares of the company if to register the transfer will result, or will be likely to result, in the contravention of paragraph (b)(i)}; and
(d) shall not acquire a controlling interest in, or own more than 49 per cent of the voting shares of, any company, corporation or firm which carries on or controls any form of business not directly connected or associated with the establishment and operation of a television broadcasting service or such asso- ciated ancillary telecommunication services as may be authorized by the TelecomI- munications Authority.
(2) Subject to section 11A, no disqualified person who exercises control of a licensee company shall increase such control-
(a) by augmenting the percentage of voting shares of the company which he holds as the beneficial owner thereof; or
(b) as the result of the change of office held
by him in the company.
(3) Subject to section 15A, a licensee shall not assign its licence to any person or company.
11A. (1) On the application of a licenses the Governor in Council may, if he is satisfied that the public interest so requires, approve
(d) an increase in the control exercised by a
disqualified person in the company:
(b) the introduction of a disqualified person to
exercise control of the company; or
(c) the postponement of the obligation of the company to comply with section 11(1)(b)(ii) or subsection (4Xa)(ii) of this section until such date as he may specify,
(2) Without prejudice to any action which may be taken against a licensee under section 14 or 37. if a licensee, by registering the transfer of any of the voting shares of the company, contravenes paragraph (b)(1) of section 11(1) the company shall-
(a) notify forthwith the Television Authority and also the secretary of any recognized
(Cap. 32)
7
stock exchange in the Colony with which its voting shares are listed; and
(6) refuse to register the transfer of any other of its voting shares to any person or com- pany not ordinarily resident in Hong Kong until such time as the Television Authority is satisfied that not less than 31 per cent of the voting shares of the company are benefi- cially owned by persons or companies ordinarily resident in Hong Kong.
(3) On the application of a licensee the Gover- nor in Council may approve the assignment of its licence to any other company competent to apply for a licence subject to such conditions as may be specified by the Governor in Council.
(4) In the case of a licence granted before the date of commencement of the Television (Amendment) Ordinance 1973--
(a) the licensee shall, on or before the expiration of 4 years after the date of first renewal of its licence and at all times thereafter, ensure that-
(i) not less than $1 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:
(b) the licensee shall, on or before the expiration of 4 years after the date of first renewal of its licence-
(i) divest itself of any controlling interest which, on the date of first renewal of its licence, it may hold in any company, cor- poration or firm carrying on or controlling any form of business not directly connected or associated with the establishment and operation of a television broadcasting service or such associated ancillary telecommunica-