On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 31/12/2002.
12.
—(1) No person shall, on or after 2nd September 2002, become —
(a)
a 12% controller; or
(b)
an indirect controller,
of a newspaper company without first obtaining the approval of the Minister.
[20/2002]
(2) Subject to section 13(4), no person who, immediately before 2nd September 2002, is —
(a)
a 12% controller; or
(b)
an indirect controller,
of a newspaper company shall continue to be such a controller unless he has, within 6 months after that date or such longer period as the Minister may allow, applied to the Minister for approval to continue to be such a controller.
[20/2002]
(3) In subsections (1) (a) and (2) (a), “12% controller” means a person who alone or together with his associates —
(a)
holds not less than 12% of the shares in the newspaper company; or
(b)
is in a position to control voting power of not less than 12% in the newspaper company.
[20/2002]
(4) For the purposes of subsection (3) —
(a)
a person holds a share if —
(i)
he is deemed to have an interest in that share under section 7(6) to (10) of the Companies Act (Cap. 50); or
(ii)
he otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section 7(6) to (10) of the Companies Act;
(b)
a reference to the control of a percentage of the voting power in a newspaper 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 newspaper 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, step-son, daughter, step- daughter 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 not less than 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 not less than 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 newspaper company.
[20/2002]
(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 newspaper company —
(a)
in accordance with whose directions, instructions or wishes the directors of the newspaper 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 newspaper company,
but does not include any person —
(i)
who is a director or other officer of the newspaper company;
(ii)
who is a holder of any management share; or
(iii)
in accordance with whose directions, instructions or wishes the directors of the newspaper company are accustomed to act by reason only that they act on advice given by the person in his professional capacity.
[10B
[20/2002]