PART 10 | OWNERSHIP AND CONTROL OF BROADCASTING COMPANIES |
| Application of this Part to broadcasting company |
32.—(1) This Part applies to every broadcasting company unless exempted by the Minister under section 60(b).(2) In this Part —| “broadcasting company” means a company incorporated or registered under the Companies Act 1967 which holds a relevant licence, or a broadcasting holding company; |
| “broadcasting holding company” means a holding company of a company incorporated or registered under the Companies Act 1967 which holds a relevant licence; |
| “holding company” has the meaning given by section 5 of the Companies Act 1967; |
“relevant licence” means —| (a) | any free-to-air licence; or | | (b) | any broadcasting licence under which a subscription broadcasting service may be provided, |
| which permits broadcast which is capable of being received in 50,000 dwelling-houses or more, but does not include any class licence; or |
| (c) | any other broadcasting licence that the Minister may specify in the public interest or in the interests of public security or order, or national defence; [S 26/2022 wef 13/01/2022] |
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| “sub-fund”, “umbrella VCC” and “VCC” have the meanings given by section 2(1) of the VCC Act; [S 26/2022 wef 13/01/2022] |
| “VCC Act” means the Variable Capital Companies Act 2018. [S 26/2022 wef 13/01/2022] |
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| Special features of broadcasting company |
33.—(1) A broadcasting company must not, on or after 2 September 2002, appoint a person as its chief executive officer or director, or as the chairperson of its board of directors, unless it has obtained the approval of the Authority.| (2) Unless the Authority otherwise approves, the chief executive officer of a broadcasting company and at least one-half of its directors must be citizens of Singapore. |
(3) No chief executive officer, director, or chairperson of the board of directors, of a broadcasting company who was appointed before 2 September 2002 is to be permitted by the broadcasting company to act as such on or after that date unless —| (a) | his or her appointment as chief executive officer, director, or chairperson of the board of directors, of the broadcasting company was approved by the Authority before 2 September 2002; or | | (b) | his or her appointment as chief executive officer, director, or chairperson of the board of directors, of the broadcasting company is approved by the Authority on a written application by the broadcasting company made within 6 months after 2 September 2002 or any longer period that the Authority may allow. |
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| (4) Where the Authority does not approve the appointment of a person as chief executive officer, director or chairperson of the board of directors under subsection (3)(b), the broadcasting company must immediately remove the person from such office. |
| (5) Any broadcasting company which contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction. |
| (6) This section has effect despite the provisions of any other written law or of the memorandum or articles of association, or other constitution, of a broadcasting company. |
(7) In this section —“chief executive officer”, in relation to a broadcasting company, means any person, by whatever name described, who is —| (a) | in the direct employment of, or acting for or by arrangement with, the broadcasting company; and | | (b) | principally responsible for the management and conduct of any type of business of the broadcasting company in Singapore, |
| and includes any person for the time being performing all or any of the functions or duties of a chief executive officer; |
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| “director” has the meaning given by section 4(1) of the Companies Act 1967. |
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| Application and interpretation of this section and sections 35 to 42 |
34.—(1) This section and sections 35 to 42 apply to, and in relation to, all individuals whether resident in Singapore or not and whether citizens of Singapore or not, and to all bodies corporate or unincorporate, whether incorporated or carrying on business in Singapore or not.(2) In sections 35 to 42, unless the context otherwise requires —| “arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied; |
| “share” includes stock except where a distinction between stock and shares is expressed or implied; |
| “substantial shareholder” has the meaning given by section 81 of the Companies Act 1967, with the reference to a company in the definition replaced with a reference to a VCC where the entity concerned is a VCC; [S 26/2022 wef 13/01/2022] |
| “voting share” has the meaning given by section 4(1) of the Companies Act 1967. |
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| (3) In determining whether a person is a substantial shareholder of a VCC that is an umbrella VCC for the purposes of the definition of “substantial shareholder” in subsection (2), a reference in that definition to voting shares in a VCC is to voting shares that are issued in respect of one or more sub-funds of the umbrella VCC. [S 26/2022 wef 13/01/2022] |
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| Control of substantial shareholdings in broadcasting companies |
35.—(1) A person must not, on or after 2 September 2002, become a substantial shareholder of a broadcasting company without first obtaining the approval of the Minister.| (2) Subject to section 37(4), a person who, immediately before 2 September 2002, is a substantial shareholder of a broadcasting company must not continue to be a substantial shareholder unless the person has, within 6 months after 2 September 2002 or any longer period that the Minister may allow, applied to the Minister for approval to continue to be a substantial shareholder. |
| (3) A person must not, on or after 2 September 2002, enter into any agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any other person with respect to the acquisition, holding or disposal of, or the exercise of rights in relation to, their interests in voting shares of an aggregate of more than 5% of the total votes attached to all voting shares in a broadcasting company without first obtaining the approval of the Minister. |
| (3A) In subsection (3), where the broadcasting company concerned is a broadcasting holding company that is an umbrella VCC whose shareholding in or control of a company which holds a relevant licence by virtue of which that company is a subsidiary of the umbrella VCC, is attributable to one or more of its sub-funds, the reference to the voting shares in a broadcasting company is to the voting shares in the umbrella VCC that are issued in respect of that sub-fund or those sub-funds. [S 26/2022 wef 13/01/2022] |
| (4) Subject to section 37(4), a person who, at any time before 2 September 2002, has entered into any agreement or arrangement mentioned in subsection (3) must not continue to be a party to the agreement or arrangement unless the person has, within 6 months after 2 September 2002 or any longer period that the Minister may allow, applied to the Minister for approval to continue to be a party to the agreement or arrangement. |
(5) For the purposes of this section, a person has an interest in any share if —| (a) | the person is deemed to have an interest in that share under section 7 of the Companies Act 1967; or | | (b) | the person otherwise has a legal or an equitable interest in that share except for any interest that is to be disregarded under section 7 of the Companies Act 1967. |
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(6) The application of subsection (5) in relation to any share in a VCC is subject to the following modifications:| (a) | subsection (3) of section 7 of the Companies Act 1967 does not apply; | | (b) | paragraph (ca) of section 7(9) of the Companies Act 1967 does not apply; | | (c) | a book-entry security is treated as an interest in a share; | | (d) | a person that is a subsidiary of a VCC does not have an interest in the shares of the VCC by reason only that that interest is purchased or otherwise acquired by the subsidiary under section 22(6) or (11) of the VCC Act. [S 26/2022 wef 13/01/2022] |
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| Control of shareholdings and voting power in broadcasting companies |
36.—(1) A person must not, on or after 2 September 2002, become —| (a) | a 12% controller; or | | (b) | an indirect controller, |
| of a broadcasting company without first obtaining the approval of the Minister. |
(2) Subject to section 37(4), a person who, immediately before 2 September 2002, is —| (a) | a 12% controller; or | | (b) | an indirect controller, |
| of a broadcasting company must not continue to be such a controller unless the person has, within 6 months after 2 September 2002 or any longer period that the Minister may allow, applied to the Minister for approval to continue to be such a controller. |
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(3) In subsections (1)(a) and (2)(a), “12% controller” means a person who alone or together with the person’s associates —| (a) | holds at least 12% of the shares in the broadcasting company; or | | (b) | is in a position to control voting power of at least 12% in the broadcasting company. |
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(3A) In subsection (3), where the broadcasting company concerned is a broadcasting holding company that is an umbrella VCC whose holding in or control of a company which holds a relevant licence by virtue of which that company is a subsidiary of the umbrella VCC, is attributable to one or more of its sub-funds —| (a) | the reference to the shares in a broadcasting company is to the shares in the umbrella VCC that are issued in respect of that sub-fund or those sub-funds; and | | (b) | the reference to voting power in a broadcasting company is to the voting power in the umbrella VCC that is exercisable in respect of that sub-fund or those sub-funds. [S 26/2022 wef 13/01/2022] |
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(4) For the purposes of subsections (3) and (3A) —| (a) | a person holds a share if —| (i) | the person is deemed to have an interest in that share under section 7(6) to (10) of the Companies Act 1967; or | | (ii) | the person otherwise has a legal or an equitable interest in that share except for any interest that is to be disregarded under section 7(6) to (10) of the Companies Act 1967; |
| | (b) | a reference to the control of a percentage of the voting power in a broadcasting company is a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the broadcasting company; and | | (c) | a person (A) is an associate of another person (B) if —| (i) | A is the spouse or a parent, step-parent or remoter lineal ancestor, or a son, stepson, daughter, stepdaughter or remoter issue, or a brother or sister, of B; | | (ii) | A is a corporation whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B, or where B is a corporation, of the directors of B; | | (iii) | B is a corporation whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of A, or where A is a corporation, of the directors of A; | | (iv) | A is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B; | | (v) | B is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of A; | | (vi) | A is a related corporation of B; | | (vii) | A is a corporation in which B, alone or together with other associates of B as described in sub‑paragraphs (ii) to (vi), is in a position to control at least 20% of the voting power in A; | | (viii) | B is a corporation in which A, alone or together with other associates of A as described in sub‑paragraphs (ii) to (vi), is in a position to control at least 20% of the voting power in B; or | | (ix) | A is a person with whom B has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together with respect to the acquisition, holding or disposal of shares or other interests in, or with respect to the exercise of their voting power in relation to, the broadcasting company. [S 26/2022 wef 13/01/2022] |
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(4A) The application of subsection (4)(a) in relation to any share in a VCC is subject to the following modifications:| (a) | paragraph (ca) of section 7(9) of the Companies Act 1967 does not apply; | | (b) | a book-entry security is treated as an interest in a share; | | (c) | a person that is a subsidiary of a VCC does not have an interest in the shares of the VCC by reason only that that interest is purchased or otherwise acquired by the subsidiary under section 22(6) or (11) of the VCC Act. [S 26/2022 wef 13/01/2022] |
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(5) In subsections (1)(b) and (2)(b), “indirect controller” means any person, whether acting alone or together with any other person and whether with or without holding shares or controlling voting power in a broadcasting company —| (a) | in accordance with whose directions, instructions or wishes the directors of the broadcasting company are accustomed or under an obligation, whether formal or informal, to act; or | | (b) | who is in a position to determine the policy of the broadcasting company, |
| but does not include any person — |
| (c) | who is a director or other officer of the broadcasting company whose appointment has been approved by the Authority; or | | (d) | in accordance with whose directions, instructions or wishes the directors of the broadcasting company are accustomed to act by reason only that they act on advice given by the person in the person’s professional capacity. |
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37.—(1) The Minister may approve an application made by any person under section 35 or 36 if the Minister is satisfied that —| (a) | the person is a fit and proper person; | | (b) | having regard to the person’s likely influence, the broadcasting company will or will continue to conduct its business prudently and comply with the provisions of this Act; and | | (c) | it is in the national interest to do so. |
(2) Any approval under this section may be granted to any person subject to any conditions that the Minister may determine, including but not limited to any condition —| (a) | restricting the person’s disposal or further acquisition of shares or voting power in the broadcasting company; or | | (b) | restricting the person’s exercise of voting power in the broadcasting company. |
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| (3) Any condition imposed under subsection (2) has effect despite any of the provisions of the Companies Act 1967 or the VCC Act (whichever is applicable) or anything contained in the memorandum or articles of association, or other constitution, of the broadcasting company. [S 26/2022 wef 13/01/2022] |
(4) Where the Minister does not approve an application made by any person under section 35(2) or (4) or 36(2), the person must, within the time that the Minister may specify, take such steps as are necessary —| (a) | in the case of section 35(2), to cease to be a substantial shareholder; | | (b) | in the case of section 35(4), to cease to be a party to the agreement or arrangement; or | | (c) | in the case of section 36(2), to cease to be —| (i) | a 12% controller; or | | (ii) | an indirect controller, |
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| 38. [Repealed by Act 31 of 2022 wef 01/11/2022] |
| Objection to existing control of broadcasting company |
39.—(1) The Minister may serve a written notice of objection on any person mentioned in section 35 or 36 if the Minister is satisfied that —| (a) | any condition of approval imposed on the person under section 37(2) has not been complied with; | | (b) | the person ceases to be a fit and proper person; | | (c) | having regard to the person’s likely influence, the broadcasting company is no longer likely to conduct its business prudently or to comply with the provisions of this Act; | | (d) | it is no longer in the national interest to allow the person to continue to be a party to the agreement or arrangement described in section 35(3) or (4), or to continue to be a substantial shareholder, a 12% controller or an indirect controller, as the case may be; | | (e) | the person has provided false or misleading information or documents in connection with an application under section 35 or 36; or | | (f) | the Minister would not have granted his or her approval under section 37 had the Minister been aware, at that time, of the circumstances relevant to the person’s application for the approval. |
| (2) Before serving a written notice of objection, the Minister must, unless he or she decides that it is not practicable or desirable to do so, cause to be given to the person concerned written notice of the Minister’s intention to serve the written notice of objection, specifying a date by which the person may make written representations with regard to the proposed written notice of objection. |
| (3) Upon receiving the written representations of any person mentioned in subsection (2), the Minister must consider the written representations for the purpose of determining whether to issue a written notice of objection. |
(4) The Minister must, in any written notice of objection, specify a reasonable period within which the person to be served the written notice of objection must —| (a) | take such steps as are necessary to ensure that the person ceases to be a party to the agreement or arrangement described in section 35(3) or (4), or ceases to be a substantial shareholder, a 12% controller or an indirect controller, as the case may be; or | | (b) | comply with any direction or restriction that the Minister may make under section 40. |
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| (5) Any person served with a written notice of objection under this section must comply with the notice. |
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40.—(1) Without affecting section 41, if the Minister is satisfied that any person has contravened section 35, 36, 37(4) or 39(5) or any condition imposed under section 37(2), or if the Minister has served a written notice of objection under section 39, the Minister may, by written notice —| (a) | direct the transfer or disposal of all or any of the shares in the broadcasting company held by the person or any of the person’s associates (called in this section the specified shares) within such time and subject to such conditions as the Minister considers appropriate; | | (b) | restrict the transfer or disposal of the specified shares; or | | (c) | make any other direction or restriction that the Minister considers appropriate. |
| (2) Any person to whom a notice is served under subsection (1) must comply with any direction or restriction that may be specified in the notice. |
(3) In the case of any direction or restriction made under subsection (1)(a) or (b), despite any of the provisions of the Companies Act 1967 or the VCC Act (whichever is applicable) or anything contained in the memorandum or articles of association, or other constitution, of the broadcasting company —| (a) | no voting rights are exercisable in respect of the specified shares unless the Minister expressly permits those rights to be exercised; | | (b) | no shares of the broadcasting company are to be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified shares unless the Minister expressly permits such issue or offer; and | | (c) | except in a liquidation of the broadcasting company, no payment is to be made by the broadcasting company of any amount (whether by way of dividends or otherwise) in respect of the specified shares unless the Minister expressly authorises such payment, |
| until a transfer or disposal is effected in accordance with the direction or until the restriction on a transfer or disposal is removed, as the case may be. |
[S 26/2022 wef 13/01/2022] |
| (4) In this section, “associate” has the meaning given by section 36(4)(c). |
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| Offences, penalties and defences |
41.—(1) Any person who contravenes section 35, 36(1)(a) or (2)(a) or 37(4)(a), (b) or (c)(i) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.| (2) Any person who contravenes section 36(1)(b) or (2)(b), 37(4)(c)(ii), 39(5) or 40(2) or any condition imposed under section 37(2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction. |
(3) Where a person is charged with an offence in respect of a contravention of section 35 or 36, it is a defence for the person to prove that —| (a) | the person was not aware that the person had contravened section 35 or 36, as the case may be; and | | (b) | the person has, within 14 days of becoming aware that the person had contravened section 35 or 36 (as the case may be), notified the Minister of the contravention and, within the time that may be determined by the Minister, taken such actions in relation to the person’s shareholding or control of the voting power in the broadcasting company as the Minister may direct. |
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(4) Where a person is charged with an offence in respect of a contravention of section 36(1), it is also a defence for the person to prove that, even though the person was aware of the contravention —| (a) | the contravention occurred as a result of an increase in the shareholding as described in section 36(4)(a) of, or in the voting power controlled by, any of his associates described in section 36(4)(c)(i); | | (b) | the person has no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of shares or other interests in, or under which they act together in exercising their voting power in relation to, the broadcasting company; and | | (c) | the person has, within 14 days of the date of the contravention, notified the Minister of the contravention and, within the time that may be determined by the Minister, taken such action in relation to the person’s shareholding or control of the voting power in the broadcasting company as the Minister may direct. |
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| (5) Except as provided in subsections (3) and (4), it is not a defence for a person charged with an offence in respect of a contravention of section 35 or 36 to prove that the person did not intend to or did not knowingly contravene section 35 or 36, as the case may be. |
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| Power to obtain information |
42.—(1) The Authority may, by written notice, direct any broadcasting company to obtain from any of its shareholders and to transmit to the Authority information —| (a) | as to whether that shareholder holds any share in the broadcasting company as beneficial owner or as trustee; and | | (b) | if the shareholder holds the share as trustee, to indicate, so far as the shareholder can, the person for whom the shareholder holds the share (either by name or by other particulars sufficient to enable that person to be identified) and the nature of that person’s interest, |
| and the broadcasting company must comply with that direction within the time that may be specified in the notice. |
(2) The Authority may, by written notice, require any shareholder of a broadcasting company, or any person who appears from the information provided to the Authority under subsection (1) or this subsection to have an interest in any share in a broadcasting company, to inform the Authority —| (a) | whether the person holds that interest as beneficial owner or as trustee, and if the person holds the interest as trustee, to indicate, so far as he or she can, the person for whom he or she holds the interest (either by name or by other particulars sufficient to enable that person to be identified) and the nature of his or her interest; or | | (b) | whether any share or any voting right attached to the share is the subject of an agreement or arrangement described in section 35(3) or (4) or 36(4)(c)(ix), and if so, to give particulars of the agreement or arrangement and the parties to it, |
| and the person must comply with the notice within the time that may be specified in the notice. |
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(3) Any person who —| (a) | fails to comply with a notice under this section; or | | (b) | in purported compliance of the notice, knowingly or recklessly makes a statement which is false in a material particular, |
| shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction. |
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| Funds from foreign source for purposes of certain broadcasting service |
43.—(1) Subject to this section, a person must not, without the prior consent of the Authority, receive any fund from any foreign source for the purposes of financing, directly or indirectly, wholly or partly, any broadcasting service owned or operated by any broadcasting company.| (2) The Authority may grant its consent under subsection (1) if it is satisfied, on any information that it may require to be provided to it, that the fund from a foreign source is intended for bona fide commercial purposes. |
| (3) Despite subsection (1), where any fund from a foreign source is sent to a person without the person’s prior knowledge, consent or solicitation and the fund is intended for or given by the sender for any purpose mentioned in that subsection, that person must, within 7 days of receiving the fund, report to the Authority the circumstances and particulars of the receipt of the fund and the purpose for which the fund was received. |
| (4) Where any fund from a foreign source has been received by a person for any purpose mentioned in subsection (1) and the Authority refuses to grant consent to retain the fund, the person must, within the time that is specified by the Authority, return the fund to its sender or, if the sender cannot be traced, donate the fund to any charity specified by the Authority. |
| (5) Any employee of a broadcasting company who, having received any fund from a foreign source for the broadcasting of any item or programme or for adopting a particular line or bias in respect of any item or programme, fails to report in writing, within 7 days of receiving the fund, to the company’s chief executive shall be guilty of an offence and shall be liable on conviction to the same penalty prescribed by subsection (8). |
| (6) For the purposes of subsection (5), any fund received from outside Singapore by an employee is presumed to be from a foreign source until the contrary is proved. |
| (7) Nothing in this section applies to any dealing by any person in the shares of a broadcasting company quoted on a stock exchange in Singapore. |
| (8) Any person who contravenes subsection (1), (3) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both, and the court may, in addition to any other penalty that it may impose, order the forfeiture to the Authority of any fund which is the subject of the charge. |
(9) In this section and section 44 —“foreign source” includes —| (a) | the government of a country outside Singapore or the agent of that government, whether resident in Singapore or otherwise; | | (b) | any company, association or society incorporated or constituted under any law in force outside Singapore, whether or not it has a branch office or place of business in Singapore; | | (c) | any person who is not a citizen of Singapore, whether or not he or she is resident in Singapore; | | (d) | any —| (i) | body corporate formed or incorporated in Singapore, one or more of whose members or directors are not citizens of Singapore, or in the case of a member being another company, where one or more of the members or directors of that company are not citizens of Singapore; or | | (ii) | unincorporated association or body constituted under any law in force in Singapore, one or more of whose members or directors are not citizens of Singapore, or in the case of a member being another company, where one or more of the members or directors of that company are not citizens of Singapore, |
| as the Minister may, by notification in the Gazette, declare to be a foreign source; or |
| | (e) | any other source outside Singapore that the Minister may, by notification in the Gazette, declare to be a foreign source; |
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| “fund” means money, securities, movable or immovable property or other valuable consideration; |
| “fund from a foreign source” includes any fund provided by a foreign source indirectly through any agent of the foreign source. |
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| Broadcasting company owned by foreign source |
44.—(1) A company must not, unless the Minister otherwise approves, be granted or hold a relevant licence if the Minister is satisfied that —| (a) | any foreign source, alone or together with one or more other foreign sources —| (i) | holds at least 49% of the shares in the company or its holding company; or | | (ii) | is in a position to control voting power of at least 49% in the company or its holding company; or |
| | (b) | all or a majority of the persons having the direction, control or management of the company or its holding company are —| (i) | appointed by; or | | (ii) | accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of, |
| any foreign source, whether acting alone or together with one or more other foreign sources. |
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(1A) In subsection (1), where the holding company concerned is an umbrella VCC whose holding in or control of the company by virtue of which that company is a subsidiary of the umbrella VCC, is attributable to one or more of its sub-funds —| (a) | the reference to the shares in the holding company is to the shares in the umbrella VCC that are issued in respect of that sub-fund or those sub-funds; and | | (b) | the reference to voting power in the holding company is to the voting power in the umbrella VCC that are exercisable in respect of that sub-fund or those sub-funds. [S 26/2022 wef 13/01/2022] |
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| (2) Where the Minister does not grant his or her approval under subsection (1) for a company to hold a relevant licence (whether the licence is granted before, on or after 2 September 2002), the Authority must, within such time and in such manner as the Minister may specify, cancel the licence by written notice and without any compensation. |
(3) For the purposes of this section —| (a) | a person holds a share if —| (i) | the person is deemed to have an interest in that share under section 7(6) to (10) of the Companies Act 1967; or | | (ii) | the person otherwise has a legal or an equitable interest in that share except for any interest that is to be disregarded under section 7(6) to (10) of the Companies Act 1967; |
| | (b) | a reference to the control of a percentage of the voting power in a broadcasting company is a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the broadcasting company. |
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(4) The application of subsection (3)(a) in relation to any share in a VCC is subject to the following modifications:| (a) | paragraph (ca) of section 7(9) of the Companies Act 1967 does not apply; | | (b) | a book-entry security is treated as an interest in a share; | | (c) | a person that is a subsidiary of a VCC does not have an interest in the shares of the VCC by reason only that that interest is purchased or otherwise acquired by the subsidiary under section 22(6) or (11) of the VCC Act. [S 26/2022 wef 13/01/2022] |
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| 45. Any person aggrieved by any refusal of the Authority to grant its approval or consent under any provision of this Part may appeal to the Minister whose decision is final. |
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