On 19/06/2013,
you requested for the version in force on 19/06/2013
incorporating all amendments published on or before 19/06/2013.
The closest version currently available is that of 31/03/2008.
16.
—(1) Without prejudice to section 17, if the Minister is satisfied that any person has contravened section 15A, 15B, 15C(4) or 15E(5) or has failed to comply with any condition imposed under section 15C(2) or (5), or if the Minister has served a written notice of objection under section 15E, the Minister may, by notice in writing —
(a)
direct the transfer or disposal of all or any of the shares in the designated financial institution held by the person or any of his associates (referred to in this section as the specified shares) within such time or subject to such conditions as the Minister considers appropriate;
(b)
restrict the transfer or disposal of the specified shares; or
(c)
make such other direction as the Minister considers appropriate.
[23/2001]
(2) Any person to whom a notice is given under subsection (1) shall comply with such direction or directions as may be specified in the notice.
[23/2001]
(3) In the case of any direction made under subsection (1)(a) or (b), until a transfer or disposal is effected in accordance with the direction or until the restriction on the transfer or disposal is removed, as the case may be, notwithstanding any of the provisions of the Companies Act (Cap. 50) or anything contained in the memorandum or articles of association of the designated financial institution —
(a)
no voting rights shall be exercisable in respect of the specified shares unless the Minister expressly permits such rights to be exercised;
(b)
no shares of the designated financial institution shall 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 designated financial institution, no payment shall be made by the designated financial institution of any amount (whether by way of dividends or otherwise) in respect of the specified shares unless the Minister expressly authorises such payment.
[23/2001]
(4) In this section, “associate” has the same meaning as in section 15B(4)(c).
[23/2001]