—(1) The Minister may, in his discretion, approve an application made by any person under section 35 or 36 if the Minister is satisfied that —
the person is a fit and proper person;
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
it is in the national interest to do so.
(2) Any approval under this section may be granted to any person subject to such conditions as the Minister may determine, including but not limited to any condition —
restricting the person’s disposal or further acquisition of shares or voting power in the broadcasting company; or
restricting the person’s exercise of voting power in the broadcasting company.
(3) Any condition imposed under subsection (2) shall have effect notwithstanding any of the provisions of the Companies Act (Cap. 50) or anything contained in the memorandum or articles of association, or other constitution, of the broadcasting company.
(4) Where the Minister does not approve an application made by any person under section 35(2) or (4) or 36(2), the person shall, within such time as the Minister may specify, take such steps as are necessary —
in the case of section 35(2), to cease to be a substantial shareholder;
in the case of section 35(4), to cease to be a party to the agreement or arrangement; or
in the case of section 36(2), to cease to be —
a 12% controller; or
an indirect controller,
as the case may be.