Singapore legislation
Section 26A
Section 26A
Interpretation of this Part
(1)
In this Part, unless the context otherwise requires —
Definition
“12% controller”, in relation to a designated postal licensee, means a person, not being a 30% controller, who alone or together with the person’s associates —
holds 12% or more of the total number of voting shares in the designated postal licensee; or
is in a position to control 12% or more of the voting power in the designated postal licensee;
Definition
“30% controller”, in relation to a designated postal licensee, means a person who alone or together with the person’s associates —
holds 30% or more of the total number of voting shares in the designated postal licensee; or
is in a position to control 30% or more of the voting power in the designated postal licensee;
Definition
“associate” has the meaning given to that expression in regulations made under section 26H;
Definition
“consolidation” means any transaction —
that results in a person —
becoming a 30% controller of a designated postal licensee;
acquiring the business of a designated postal licensee (or any part thereof) as a going concern; or
obtaining effective control over a designated postal licensee; or
that is prescribed by regulations made under section 26H, or that falls within a class of transactions prescribed in such regulations;
Definition
“designated postal licensee” means a postal licensee —
which has been declared by the Postal Authority, by notification in the Gazette, to be a designated postal licensee for the purposes of this Part; or
which is within a class of postal licensees which has been declared by the Postal Authority, by notification in the Gazette, to be a designated class of postal licensees for the purposes of this Part;
Definition
“effective control” has the meaning given to it in the code of practice mentioned in section 26C;
Definition
“share” includes stock except where a distinction between stock and shares is expressed or implied;
Definition
“treasury share” has the meaning given by section 4(1) of the Companies Act 1967;
Definition
“voting share” has the meaning given by section 4(1) of the Companies Act 1967, but does not include a treasury share.
(2)
In relation to a designated postal licensee the whole or a portion of the share capital of which consists of stock, an interest of a person in any such stock is deemed to be an interest in an issued share in the designated postal licensee having the same nominal amount as the amount of that stock and having attached to it the same rights as are attached to that stock.
(3)
The Postal Authority may, by notification in the Gazette, vary or revoke any declaration of a designated postal licensee.