On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 31/10/2007.
66.
—(1) No person shall, on or after the appointed day, become —
(a)
a 12% controller;
(b)
a 20% controller; or
(c)
an indirect controller,
of a casino operator without first obtaining the approval of the Minister.
(2) Subject to section 67(4), no person who, immediately before the appointed day, is —
(a)
a 12% controller;
(b)
a 20% controller; or
(c)
an indirect controller,
of a casino operator shall continue to be such a controller unless he has, within 6 months after the appointed day or such longer period as the Minister may allow, applied to the Minister for approval to continue to be such a controller.
(3) In subsections (1) and (2) —
“12% controller” means a person who, alone or together with his associates —
(a)
holds or has interests in 12% or more but less than 20% of the total number of issued shares in a casino operator; or
(b)
is in a position to control voting power of 12% or more but less than 20% in a casino operator;
“20% controller” means a person who, alone or together with his associates —
(a)
holds or has interests in 20% or more of the total number of issued shares in a casino operator; or
(b)
is in a position to control voting power of 20% or more in a casino operator;
“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 casino operator —
(a)
in accordance with whose directions, instructions or wishes the directors of the casino operator 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 casino operator,
but does not include any person —
(i)
who is a director or other officer of the casino operator whose appointment has been approved by the Authority; or
(ii)
in accordance with whose directions, instructions or wishes the directors of the casino operator are accustomed to act by reason only that they act on advice given by him in his professional capacity.
(4) For the purposes of subsection (3), a reference to the control of a percentage of the voting power in a casino operator 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 casino operator.
[Banking Act, s. 15B]