20. Section 69B of the Telecommunications Act is amended —
(a)
by deleting subsections (1), (2) and (3) and substituting the following subsections:
“(1) The Minister may issue a written order to any person that acquires the assets or business of, or equity interests in, a telecommunication licensee, designated business trust or designated trust (referred to in this section as the relevant person), that telecommunication licensee, the trustee-manager of that designated business trust or the trustee of that designated trust (as the case may be), or both the relevant person and that telecommunication licensee, trustee-manager or trustee (as the case may be), if the Minister is satisfied that —
(a)
the relevant person is not a fit and proper person; and
(b)
it is not in the national interest to allow the relevant person to continue to own the assets or business of, or to hold the equity interests in, that telecommunication licensee, designated business trust or designated trust (as the case may be).
(2) The Minister may, in any written order issued under subsection (1), direct the relevant person, that telecommunication licensee, the trustee-manager of that designated business trust or the trustee of that designated trust (as the case may be), or both the relevant person and that telecommunication licensee, trustee-manager or trustee (as the case may be), to do all or any of the following:
(a)
direct the transfer or disposal of all of the assets, business and equity interests acquired by the relevant person in that telecommunication licensee, designated business trust or designated trust (as the case may be) within such time and subject to such conditions as the Minister considers appropriate;
(b)
restrict the transfer or disposal of the assets, business and equity interests in that telecommunication licensee, designated business trust or designated trust (as the case may be) by the relevant person;
(c)
restrict the exercise of voting power in that telecommunication licensee, designated business trust or designated trust (as the case may be) by the relevant person;
(d)
require that no payment shall be made by that telecommunication licensee, the trustee-manager of that designated business trust or the trustee of that designated trust (as the case may be) of any amount (whether by way of dividends, profits, income or otherwise) in respect of the equity interests acquired by the relevant person;
(e)
restrict the issuance or offer of equity interests (whether by way of rights, bonus or otherwise) by that telecommunication licensee, the trustee manager of that designated business trust or the trustee of that designated trust (as the case may be) in respect of the equity interests acquired by the relevant person.
(3) In the case of any written order made under subsection (2)(a) or (b) relating to the equity interests, until a transfer or disposal is effected in accordance with the written order or until the restriction on the transfer or disposal is removed, as the case may be, notwithstanding the provisions of any written law or anything contained in the memorandum or articles of association, trust deed or other constitution, of that telecommunication licensee, designated business trust or designated trust (as the case may be) —
(a)
no voting rights shall be exercisable in respect of the equity interests unless the Minister expressly permits such rights to be exercised;
(b)
no equity interests of that telecommunication licensee, designated business trust or designated trust (as the case may be) shall be issued or offered (whether by way of rights, bonus or otherwise) in respect of the equity interests unless the Authority expressly permits such issue or offer; and
(c)
except in a liquidation of that telecommunication licensee, designated business trust or designated trust (as the case may be), no payment shall be made by that telecommunication licensee, the trustee-manager of that designated business trust or the trustee of that designated trust (as the case may be) of any amount (whether by way of dividends, profits, income or otherwise) in respect of the equity interests unless the Minister expressly authorises such payment.”;
(b)
by inserting, immediately after the words “telecommunication licensee,” in subsection (4), the words “designated business trust or designated trust,”;
(c)
by deleting subsection (7) and substituting the following subsection:
“(7) Any person to whom a written order is issued under subsection (1) shall comply with the written order, and the written order shall take effect notwithstanding the provisions of any other written law and anything contained in the memorandum or articles of association, trust deed or other constitution, of the telecommunication licensee, designated business trust or designated trust (as the case may be).”;
(d)
by inserting, immediately after subsection (8), the following subsection:
“(9) In this section —
“designated business trust” and “designated trust” have the same meanings as in section 32A(1);
“equity interest” means —
(a)
in relation to a telecommunication licensee, a voting share in that telecommunication licensee;
(b)
in relation to a designated business trust, a unit in that designated business trust; or
(c)
in relation to a designated trust, any right or interest, whether legal or equitable, in that designated trust which gives the holder of that right or interest voting power in that designated trust.”; and
(e)
by inserting, immediately after the words “telecommunication licensee” in the section heading, the words “, designated business trust or designated trust”.