Clause 45

No person shall, without the prior approval of the Authority, hold, directly or indirectly through his nominees, more than 3% of the ordinary shares issued by a broadcasting company.

The Authority may grant its approval under subsection (1) subject to such conditions as it may think fit.

Any person who, directly or indirectly, holds more than 3% of the ordinary shares issued by a broadcasting company without having obtained the prior approval of the Authority shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 2 years or to both, and any surplus shares held by him shall be forfeited to the Government.

The Authority may at any time revoke any approval given under subsection (1) without assigning any reason.

Before the Authority revokes any approval given under subsection (1), the Authority shall give the person concerned a reasonable time to dispose of his surplus shares.

Any nominee company which is registered as the holder of ordinary shares issued by a broadcasting company shall, at the request of the Authority, disclose to the Authority the names and addresses of the persons on whose behalf the company is holding those shares, and if the information is not furnished within 14 days of the request the company and every officer of the company who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 2 years or to both.

In this section, “surplus shares” means all the ordinary shares of a broadcasting company held by, and on behalf of, a person in excess of the 3% limit prescribed by subsection (1).