TNAG-1818-FCO40-2579-Broadcasting-in-Hong-Kong-1988 — Page 72

10% holding

limit

TELEVISION (AMENDMENT)

Ord. No. 72/88

A443

(3) A person shall be an unqualified person for the purposes of this section if-

(a) in case the person is an individual, he either is not for the time being ordinarily resident in Hong Kong or has not been so resident for at least one con- tinuous period of not less than 7 years;

(b) in the case the person is a company or other body corporate, the body is not a company ordinarily resident in Hong Kong.

17D. (1) Subject to section 17G, the following shall not hold a relevant interest in more than 10 per cent of the voting shares of a licensee-

(a) an individual person who either is not for the time being ordinarily resident in Hong Kong or has not been so resident for at least one continuous period of not less than 7 years; and

(b) a company or other body corporate which is not either a company ordinarily resident in Hong Kong or a body corporate which, by virtue of section 2(2), is to be regarded as being a company so resident. (2) Subject to section 17G(6), where for the time being a person to whom the restriction in subsection (1) applies has a relevant interest in more than 10 per cent of the voting shares. of a licensee, notwithstanding anything contained in the articles of association of the licensee or any provision of the laws of Hong Kong apart from this subsection, he shall, as regards the licensee, be qualified, and be qualified only, to exercise, or cause to be exercised, in relation to any question or matter arising at a general meeting of the licensee, voting rights which do not exceed in their aggregate the number of voting rights which 10 per cent of the voting shares of the licensee carry.

(3) Where-

(a) a person has a relevant interest in 35 per cent or more of the shares of a company or other body corporate whether incorporated or otherwise formed in or outside Hong Kong; and

(b) the company or other body corporate or a sub- sidiary company thereof, has a relevant interest in 2 per cent or more of the voting shares of a licensee, then for the purposes only of subsection (1) the person shall be regarded as having a relevant interest in voting shares of the licensee (in addition to any other such interest which he has either apart from this subsection or by virtue of another application in relation to him of this subsection) and the number of those shares in which he shall be regarded by this subsection as having a relevant interest shall be the number which bears the same proportion to the number of voting shares of the licensee in which the company or other body