* NOT MORE THAN 10 PER CENT OF THE ISSUED SHARES IN A LICENSEE COMPANY SHALL BE CWNED OR CONTROLLED BY ANY SINGLE FOREIGN SHAREHOLDER (THE 10 PER CENT RULE);
* WHERE A FOREIGN SHAREHOLDER OWNS OR HAS INTEREST IN TWO PER CENT OR MORE OF THE ISSUED SHARES IN A LICENSEE COMPANY, THE LICENSEE SHALL FORTHWITH NOTIFY AND SEEK APPROVAL FROM
BROADCASTING AUTHORITY (THE TWO PER CENT RULE);
THE
HE
* ANY FOREIGN SHAREHOLDER HOLDING INTERESTS IN A LICENSEE COMPANY OR ITS HOLDING COMPANY EXCEEDING THESE LIMITS MAY APPLY ΤΟ THE AUTHORITY TO RETAIN HIS SHAREHOLDING WHICH
HAD AS AT NOVEMBER 24, 1987 (IT WAS ON THIS DATE WHEN THE GOVERNMENT MADE PUBLIC ITS INTENTION TO DEAL WITH THE ISSUE OF FOREIGN OWNERSHIP). HOWEVER, IF HIS SHAREHOLDING WERE TO BE REDUCED IN FUTURE, HE WOULD NOT BE PERMITTED TO REBUILD HIS HOLDING, OTHER THAN IN ACCORDANCE WITH THE NEW RULES;
THE
* NO LIMIT SHALL 3E IMPOSED ON THE MAXIMUM PERCENTAGE OF SHARES AN INDIVIDUAL CAN HOLD IN A LICENSEE COMPANY PROVIDED THAT INDIVIDUAL IS A PERMANENT RESIDENT OF, AND ORDINARILY RESIDENT HONG KONG; AND
IN,
* A MAJORITY OF THE DIRECTORS OF A LICENSEE COMPANY SHALL BE PERMANENT RESIDENTS OF, AND ORDINARILY RESIDENT IN, HONG KONG.
ON FOREIGN OWNERSHIP AND CONTROL OF TELEVISION STATIONS, THE AUTHORITY NOTED THAT LEGISLATION IN MANY OVERSEAS COUNTRIES SUCH AS AUSTRALIA, U.K., U.S.A. AND NEW ZEALAND WAS MUCH STRICTER THAN THAT PROPOSED BY THE AUTHORITY.
IT RECOMMENDED THAT A LOCAL PERSON SHOULD BE THE HOLDER OF A PERMANENT HONG KONG IDENTITY CARD AND ORDINARILY RESIDENT IN HONG KONG. ANYONE WHO FAILED TO MEET THAT CRITERIA WOULD BE REGARDED AS A "FOREIGNER" FOR THE PURPOSES OF THE TELEVISION ORDINANCE. AND IN THE CASE OF COMPANIES, A LOCAL COMPANY WOULD BE CONTROLLED BY PEOPLE WERE PERMANENT RESIDENTS AND ORDINARILY RESIDENT IN HONG KONG.
MR TSAO SAID THAT ALTHOUGH THE TERMS AND CONDITIONS
IF ACCEPTED, WERE INTENDED TO APPLY THROUGHOUT THE PERIOD. THERE SHOULD BE A MID-TERM REVIEW IN 1994.
LICENCE, LICENCE
WHO
OF THE 12-YEAR
END/DEE
No comments yet.
Private notes are available after approval.