TNAG-0351-FCO40-387-Future-of-broadcasting-in-Hong-Kong-1972 — Page 51

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(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 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

(Cap. 32.)

(b)

(ii) not less than 25 per cent of

the voting shares of the company

are listed at all times with at

least one recognized stock exchange

in the Colony within the meaning

of the Companies Ordinance;

the licensee shall, on or before

the expiration of four years after

the date of first renewal of its

licence