Singapore legislation
Section 16
Section 16
Power to make directions
(1)
Without affecting section 17, if the Minister is satisfied that any person has contravened section 11, 12, 13(4) or 15(5) or any condition imposed under section 13(2), or if the Minister has served a written notice of objection under section 15, the Minister may, by written notice —
direct the transfer or disposal of all or any of the shares in the newspaper company held by the person or any of the person’s associates (called in this section the specified shares) within the time and subject to any conditions that the Minister considers appropriate;
restrict the transfer or disposal of the specified shares; or
make any other direction or restriction that the Minister considers appropriate.
(2)
Any person to whom a notice is given under subsection (1) must comply with any direction or restriction that is specified in the notice.
(3)
In the case of any direction or restriction made under subsection (1)(a) or (b), despite any of the provisions of the Companies Act 1967 or anything contained in the memorandum or articles of association of the newspaper company —
voting rights are not exercisable in respect of the specified shares unless the Minister expressly permits the rights to be exercised;
shares of the newspaper company must not be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified shares unless the Minister expressly permits the issue or offer; and
except in a liquidation of the newspaper company, payment must not be made by the newspaper company of any amount (whether by way of dividends or otherwise) in respect of the specified shares unless the Minister expressly authorises the payment,until a transfer or disposal is effected in accordance with the direction or until the restriction on a transfer or disposal is removed, as the case may be.
(4)
In this section, “associate” has the meaning given by section 12(4)(c).