16
CAP. 52]
Television
[1989 Ed.
under section 14(3), at any time within 12 months after the giving of the direction under subsection (1), The Financial Secretary Incorporated may acquire by purchase such parts of the lands, buildings, installations and equipment belonging to and used by the licensee for the purposes of his licence as may be specified by The Financial Secretary Incorporated. In the event of the price offered by The Financial Secretary Incorporated being refused, the price shall be determined by an arbitrator appointed for the purpose by the Secretary of State.
(3) Where land is purchased under subsection (2), The Financial Secretary Incorporated shall, within 1 month after the purchase, register in the Land Office by memorial a declaration that it has been so purchased.
(4) All the property purchased under subsection (2) shall, as the case may be, vest in The Financial Secretary Incorporated-
(a) on the date of the termination of the licence after notice of revocation;
(b) upon the expiry of the licence after notice of a decision not to renew;
(c) where the licence is revoked under section 14(3), when the revocation takes effect or when a price is offered by The Financial Secretary Incorporated, whichever is the later,
and thereupon all rights in such property on the part of the licensee shall cease and determine.
(5) Nothing in this section shall confer on the licensee any right to require The Financial Secretary Incorporated to purchase any part of his lands, buildings, installations or equipment.
PART IIIA
SHAREHOLDING AND OTHER RESTRICTIONS AND RELATED MATTERS
17A. Licensees prohibited from holding certain shares, etc.
(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% 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.
16
CAP. 52]
Television
[1989 Ed.
under section 14(3), at any time within 12 months after the giving of the direction under subsection (1), The Financial Secretary Incorporated may acquire by purchase such parts of the lands, buildings, installations and equipment belonging to and used by the licensee for the purposes of his licence as may be specified by The Financial Secretary Incorporated. In the event of the price offered by The Financial Secretary Incorporated being refused, the price shall be determined by an arbitrator appointed for the purpose by the Secretary of State.
(3) Where land is purchased under subsection (2), The Financial Secretary Incorporated shall, within 1 month after the purchase, register in the Land Office by memorial a declaration that it has been so purchased.
(4) All the property purchased under subsection (2) shall, as the case may be, vest in The Financial Secretary Incorporated-
(a) on the date of the termination of the licence after notice of
revocation;
(b) upon the expiry of the licence after notice of a decision not to
renew;
(c) where the licence is revoked under section 14(3), when the revocation takes effect or when a price is offered by The Financial Secretary Incorporated, whichever is the later,
and thereupon all rights in such property on the part of the licensee shall cease and determine.
(5) Nothing in this section shall confer on the licensee any right to require The Financial Secretary Incorporated to purchase any part of his lands, buildings, installations or equipment.
PART IIIA
SHAREHOLDING AND OTHER RESTRICTIONS AND RELATED MATTERS
17A. Licensees prohibited from holding certain shares, etc.
(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% 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.
No comments yet.
Private notes are available after approval.