Singapore legislation
Section 67
Section 67
Approval of applications
(1)
The Minister may approve an application made by any person under section 65 or 66 if the Minister is satisfied that —
the person is a suitable person to be concerned in or associated with the management and operation of a casino;
having regard to the person’s likely influence, the corporation will or will continue to conduct its business prudently and comply with the provisions of this Act; and
it is in the public 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 corporation; or
restricting the person’s exercise of voting power in the corporation.
(3)
Any condition imposed under subsection (2) has effect despite any of the provisions of the Companies Act 1967 or anything contained in the memorandum or articles of association of the corporation.
(4)
Where the Minister disapproves an application made by any person under section 65(2) or 66(2), the person must, within such time as the Minister may specify, take such steps as are necessary —
in the case of section 65(2), to cease to be a substantial shareholder or a party to the agreement or arrangement, as the case may be;
in the case of section 66(2), to cease to be —
a 12% controller;
a 20% controller; or
an indirect controller,as the case may be.