A466
Ord. No. 51/89
TELECOMMUNICATION (AMENDMENT)
Temporary restriction on disposal or acquisition
13J. (1) Except with the consent of the Broadcasting Authority, any right, title or interest to or in shares exceeding in the aggregate 15% of the total number of voting shares in a licensee as at the date of the grant of the licence to the licensee may not be transferred or acquired, directly or indirectly, within the period of 3 years following the date of the grant of the licence to the licensee.
(2) Any transaction, settlement, agreement or understanding the effect of which would but for this subsection, constitute a contravention of subsection (1) is void.
(3) Any person exercising or purporting to exercise any right to dispose of or acquire any right, title or interest to or in voting shares referred to in subsection (1) where the result of such disposition or acquisition would to his knowledge, but for subsection (2), constitute a contravention of subsection (1) commits an offence and is liable to a fine of $100,000.
(4) Nothing in this section shall apply to—
(a) a transfer or acquisition by any person pursuant to the bona fide exercise by him of his functions as a personal representative, liquidator, receiver or trustee in bankruptcy;
(b) a transfer to a person who is—
(i) an authorized financial institution;
(ii) an insurer who is authorized within the meaning of the Insurance Companies Ordinance (Cap. 41); or
(iii) a stockbroker, exempt dealer or registered dealer within the meaning of the Securities Ordinance (Cap. 333),
by way of security only for the purposes of a transaction entered into in the ordinary course of his business as such a person.
(5) In subsection (4)(b) “authorized financial institution" means an “author- ized institution" within the meaning of the Banking Ordinance (Cap. 155).
Directions by Broadcasting Authority
13K. (1) Where any transaction, settlement, agreement or understanding (whether having legal effect or not) has been entered into, the effect of which is to constitute a contravention of section 13G, 13H, or 131, the Broadcasting Authority may with respect to the voting shares which are the subject of the transaction, settlement, agreement or understanding in question--
(a) direct, by notice in writing served on the licensee, that the voting rights which those voting shares carry, notwithstanding anything contained in the articles of association of the licensee or any provision of the laws of Hong Kong apart from this subsection, shall not be exercised in relation to any matter at general meetings of the licensee for such period as may be specified in the notice;
(b) serve on any person having any right, title or interest to or in such voting shares a notice in writing directing that person, within a period specified in the notice and beginning on the date of receipt by him of the notice (being a period of not less than 60 days), to transfer or otherwise to dispose of such right, title or interest in favour of a person who is not an unqualified or disqualified person (as the case may require) or to so transfer or dispose of so much thereof as is necessary to effect a cesser of the contravention.
TELECOMMUNICATION (AMENDMENT)
Ord. No. 51/89
A467
(2) Where a notice under subsection (1)(b) is served on a person, the person may apply to the Broadcasting Authority for an extension, or a further extension, of the period within which the requirements of the notice are to be complied with.
(3) Where an application is made under subsection (2) the Broadcasting Authority shall only grant an extension or further extension if it is satisfied that, having regard to the circumstances of the case, the application is reasonable.
(4) Where a notice under subsection (1) is served on a person, but subject to subsections (2) and (3), the person shall comply with the requirements of the notice.
(5) Subject to subsections (2) and (3), any person who fails to comply with the requirements of a notice served on him under subsection (1)(b) within the time specified in the notice (or such extended time as may be allowed under subsec- tion (2)) commits an offence and is liable to a fine of $100,000, and for every day during which such offence continues after conviction therefor to a fine of $2,000.
(6) A licensee who knowingly allows voting rights to be exercised at any general meeting in the case of shares which are the subject of a notice served on him under subsection (1)(a) commits an offence and is liable to a fine of $100,000.
(7) A resolution passed at a general meeting of the licensee shall not be invalid by reason only that voting rights in respect of which a notice served under subsection (1)(a) is still in force have been exercised.
Recovery of royalty
13L. (1) Any royalty payable by a licensee pursuant to any licence and owing to the Government shall be recoverable by the Government as a civil debt in any court of competent jurisdiction.
(2) A certificate in writing purporting to be made under the hand of the Financial Secretary to the effect that any royalty payable under a licence is owing to the Government shall be prima facie evidence of that fact.
Governor in Council may prohibit programmes
13M. (1) Where the Governor in Council is of the opinion that the peace or good order of Hong Kong is threatened, he may by notice in writing to the licensee prohibit the broadcasting of any particular programme or part thereof.
(2) Any person who knowingly broadcasts any programme or part thereof in contravention of a prohibition imposed under subsection (1) commits an offence and is liable to a fine of $50,000 and to imprisonment for 6 months.
Regulations
13N. (1) The Governor in Council may, for the purpose of securing com- pliance with this Part, make regulations--
(a) regulating the ownership or control, whether direct or indirect, of licensees;
and
(b) regulating the holding, acquisition or disposal of rights, titles and interests
to or in voting shares in licensees.
(2) Without prejudice to the generality of subsection (1) regulations made under this section may--
No comments yet.
Private notes are available after approval.