Singapore legislation
Clause 9
Clause 9
Special features of newspaper company
(1)
In every newspaper company —
all the directors shall be citizens of Singapore;
there shall be two classes of shares, namely, management shares and ordinary shares; and
no management shares shall be issued or transferred except to citizens of Singapore or corporations who or which have been granted the written approval of the Minister.
(2)
No newspaper company shall refuse to issue management shares to any person who has been granted the written approval of the Minister to purchase such shares.
(3)
No person shall continue to hold management shares of a newspaper company if the approval of the Minister has been revoked, and on the revocation of such approval he shall cease to have any voting rights under such management shares; and such newspaper company shall, as soon as may be, arrange for such person to be issued with one ordinary share in exchange for each management share held by him.
(4)
The directors of a newspaper company, notwithstanding anything in its articles of association, shall, on the requisition of the holders of not less than one-quarter of its issued management shares, forthwith proceed to convene an extraordinary general meeting of the company to be held as soon as practicable but in any case not later than two months after the receipt by the company of the requisition.
(5)
For the purposes of this section, “management share” means a share of a class, the aggregate voting rights of which exceed the voting rights conferred by all the ordinary shares of the company.
(6)
The provisions of this section shall have effect notwithstanding the provisions of any other written law.