Singapore legislation
Section 36
Section 36
Control of shareholdings and voting power in broadcasting companies
(1)
A person must not, on or after 2 September 2002, become —
a 12% controller; or
an indirect controller,of a broadcasting company without first obtaining the approval of the Minister.
(2)
Subject to section 37(4), a person who, immediately before 2 September 2002, is —
a 12% controller; or
an indirect controller,of a broadcasting company must not continue to be such a controller unless the person has, within 6 months after 2 September 2002 or any longer period that the Minister may allow, applied to the Minister for approval to continue to be such a controller.
(3)
In subsections (1)(a) and (2)(a), “12% controller” means a person who alone or together with the person’s associates —
holds at least 12% of the shares in the broadcasting company; or
is in a position to control voting power of at least 12% in the broadcasting company.
(4)
For the purposes of subsection (3) —
a person holds a share if —
the person is deemed to have an interest in that share under section 7(6) to (10) of the Companies Act 1967; or
the person otherwise has a legal or an equitable interest in that share except for any interest that is to be disregarded under section 7(6) to (10) of the Companies Act 1967;
a reference to the control of a percentage of the voting power in a broadcasting 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 broadcasting company; and
a person (A) is an associate of another person (B) if —
A is the spouse or a parent, step-parent or remoter lineal ancestor, or a son, stepson, daughter, stepdaughter or remoter issue, or a brother or sister, of B;
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;
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;
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;
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;
A is a related corporation of B;
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 at least 20% of the voting power in A;
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 at least 20% of the voting power in B; or
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 broadcasting company.
(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 broadcasting company —
in accordance with whose directions, instructions or wishes the directors of the broadcasting company are accustomed or under an obligation, whether formal or informal, to act; or
who is in a position to determine the policy of the broadcasting company,but does not include any person —
who is a director or other officer of the broadcasting company whose appointment has been approved by the Authority; or
in accordance with whose directions, instructions or wishes the directors of the broadcasting company are accustomed to act by reason only that they act on advice given by the person in the person’s professional capacity.