Singapore legislation
Clause 70
Clause 70
Power to make directions
(1)
Without prejudice to section 71, if the Minister is satisfied that any person has contravened section 65, 66, 67(4) or 69(5) or has failed to comply with any condition imposed under section 67(2), or if the Minister has served a written notice of objection under section 69, the Minister may, by notice in writing —
direct the transfer or disposal of all or any of the shares in the casino operator held by the person or any of his associates (referred to in this section as the specified shares) within such time or subject to such conditions as the Minister considers appropriate;
restrict the transfer or disposal of the specified shares; or
make such other direction as the Minister considers appropriate.
(2)
Any person to whom a notice is given under subsection (1) shall comply with such direction or directions as may be specified in the notice.
(3)
In the case of any direction made under subsection (1)(a) or (b), until a transfer or disposal is effected in accordance with the direction or until the restriction on the transfer or disposal is removed, as the case may be, notwithstanding any of the provisions of the Companies Act (Cap. 50) or anything contained in the memorandum or articles of association of the casino operator —
no voting rights shall be exercisable in respect of the specified shares unless the Minister expressly permits such rights to be exercised;
no shares of the casino operator shall be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified shares unless the Minister expressly permits such issue or offer; and
except in a liquidation of the casino operator, no payment shall be made by the casino operator of any amount (whether by way of dividends or otherwise) in respect of the specified shares unless the Minister expressly permits such payment.