TNAG-1819-FCO40-2580-Public-opinion-in-Hong-Kong-Commissioner-for-Administrative--1988 — Page 60

A442

Ord. No. 72/88

Licensees

prohibited from holding certain

shares, etc.

Nominees not

to hold relevant interest

Aggregate of certain voting

shares of

licensee not to exceed 49 per

cent

TELEVISION (AMENDMENT)

"PART IIIA

SHAREHOLDING AND OTHER RestricTIONS AND RELATED MATTERS

17A. (1) A licensee shall not hold, either directly or indirectly, shares in any company which—

(a) carries on any business or other activity which, in the opinion of the Broadcasting Authority, is not directly connected with television broadcasting; or (b) is a company less than 51 per cent of the issued shares of which are registered in, and only in, the name of the licensee or a subsidiary company of the licensee and where management is not under the control of the licensee.

(2) A licensee shall not acquire an interest in any other company unless the acquisition has previously been approved by the Broadcasting Authority.

17B. (1) (a) A nominee shall not hold an interest in a

voting share of a licensee.

(b) In this section "interest" does not include any interest in shares which is an exempt security interest for the purposes of section 17L(1).

(2) Where for the time being a person to whom a restriction in subsection (1) applies has a relevant interest in voting shares of a licensee, notwithstanding anything con- tained in the articles of association of the licensee or any provision of the laws of Hong Kong apart from this subsec- tion, he shall, as regards the licensee, not be qualified to exercise, or cause to be exercised, in relation to any question or matter arising at a general meeting of the licensee, any voting rights which the voting shares carry.

(3) Subsection (1) shall not be construed as affecting the ability of a person to transfer a relevant interest in a voting share of a licensee pursuant to a requirement of a notice under section 17G(7).

17C. (1) The aggregate of the voting shares of a licensee each of which is a voting share to which this section applies shall not exceed 49 per cent of the total number of voting shares of the licensee.

(2) This section applies to a voting share of a licensee- (a) whose relevant entry in the licensee's register con- tains the name of any person who is an unqualified person for the purposes of this section; and

(b) in relation to which the voting right carried by the share is for the time being exercisable as regards any question or other matter whatsoever which may be determined by a poll at any general meeting of the licensee.

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