1989 Ed.]
Telecommunication
[CAP. 106
15
not at any time exceed 49% of the total number of voting shares in the licensee.
(2) Subsection (1) applies to voting shares in a licensee where the voting rights carried by such shares are for the time being exercisable as regards any question or other matter whatsoever which may be determined by a poll at general meetings of the licensee.
(3) For the purposes of this section, a person shall be an "unqualified person" unless-
(a) he is a person who is for the time being ordinarily resident in Hong Kong and has at any time been resident for a continuous period of not less than 7 years; or
(b) that person is a company that is ordinarily resident in Hong Kong.
(4) For the purposes of this section, a corporation established or incorporated by Ordinance shall be regarded as being a company that is ordinarily resident in Hong Kong if (but only if) for the time being-
(a) every person who takes an active part in the management of the corporation, or if there are more than 2 such persons each of a majority of those persons, is for the time being ordinarily resident in Hong Kong and has at any time been resident for a continuous period of not less than 7 years; and
(b) the management of the corporation is bona fide exercised in Hong Kong.
(5) For the purposes of this section, where any one or more of 2 or more persons having a joint right, title or interest to or in voting shares is or are unqualified persons, then the unqualified person or persons shall be regarded as having the entire right, title or interest to the exclusion of any other person.
13J. Temporary restriction on disposal or acquisition
(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.
1989 Ed.]
Telecommunication
[CAP. 106
15
not at any time exceed 49% of the total number of voting shares in the licensee.
(2) Subsection (1) applies to voting shares in a licensee where the voting rights carried by such shares are for the time being exercisable as regards any question or other matter whatsoever which may be determined by a poll at general meetings of the licensee.
(3) For the purposes of this section, a person shall be an "unqualified person" unless-
(a) he is a person who is for the time being ordinarily resident in Hong Kong and has at any time been resident for a continuous period of not less than 7 years; or
(b) that person is a company that is ordinarily resident in Hong
Kong.
(4) For the purposes of this section, a corporation established or incorporated by Ordinance shall be regarded as being a company that is ordinarily resident in Hong Kong if (but only if) for the time being-
(a) every person who takes an active part in the management of the corporation, or if there are more than 2 such persons each of a majority of those persons, is for the time being ordinarily resident in Hong Kong and has at any time been resident for a continuous period of not less than 7 years; and
(b) the management of the corporation is bona fide exercised in
Hong Kong.
(5) For the purposes of this section, where any one or more of 2 or more persons having a joint right, title or interest to or in voting shares is or are unqualified persons, then the unqualified person or persons shall be regarded as having the entire right, title or interest to the exclusion of any other person.
13J. Temporary restriction on disposal or acquisition
(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 subsec- tion (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.
No comments yet.
Private notes are available after approval.