Singapore legislation
Section 66
Section 66
Control of shareholdings and voting power in corporation with casino licence
(1)
A person must not, on or after the relevant date in relation to a corporation, become —
a 12% controller;
a 20% controller; or
an indirect controller,of that corporation without first obtaining the approval of the Minister.
(2)
Subject to section 67(4), a person who, immediately before the relevant date in relation to a corporation, is —
a 12% controller;
a 20% controller; or
an indirect controller,of that corporation must not continue to be such a controller unless the person has, within 6 months after the relevant date or such longer period as the Minister may allow, applied to the Minister for approval to continue to be such a controller.
(3)
In subsections (1) and (2) —
Definition
“12% controller” means a person who, alone or together with the person’s associates —
holds or has interests in 12% or more but less than 20% of the total number of issued shares in a corporation; or
is in a position to control voting power of 12% or more but less than 20% in a corporation;
Definition
“20% controller” means a person who, alone or together with the person’s associates —
holds or has interests in 20% or more of the total number of issued shares in a corporation; or
is in a position to control voting power of 20% or more in a corporation;
Definition
“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 corporation, who is, in the opinion of the Minister, a person —
in accordance with whose directions, instructions or wishes the directors of the corporation are accustomed or under an obligation, whether formal or informal, to act; or
who is in a position to determine the policy of the corporation,but does not include any person in accordance with whose directions, instructions or wishes the directors of the corporation are accustomed to act by reason only that they act on advice given by that person in his or her professional capacity.
(4)
For the purposes of subsection (3), a reference to the control of a percentage of the voting power in a corporation 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 corporation.