Bus Services Industry Act 2015 · 2020 Revised Edition · Part 4A · Control of Designated Entities
28F. Notice to LTA by 5% controller of designated entity
Feedback & supportLast amended by an amending law of 2024.
If a person becomes a 5% controller of a designated entity on or after the effective designation date as a result of an increase in the holding of equity interest, or in the voting power controlled, by that person or any associate of that person, that person must within 7 days after becoming the 5% controller give written notice to the LTA of that fact.
5% controller
“5% controller”, in relation to a designated entity, means a person who, alone or together with that person’s associates —(a)holds 5% or more, but less than 25%, of the total equity interests in that designated entity; or(b)is in a position to control 5% or more, but less than 25%, of the voting power in that designated entity;
Any person who contravenes subsection (1) shall be guilty of an offence.
In any proceedings for a contravention of subsection (1), it is a defence for the accused to prove that the accused —
was not aware of the contravention when it occurred; and
notified the LTA of the contravention within a period of 14 days after becoming aware of the contravention.
In any proceedings for a contravention of subsection (1), it is also a defence for the accused to prove that, though the accused was aware of the contravention —
the contravention occurred as a result of an increase in the holding of equity interest, or in the voting power controlled, by any of the associates of the accused, in the designated entity;
the accused has no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate with respect to the acquisition, holding or disposal of equity interests or other interests, or under which they act together in exercising their voting power, in relation to the designated entity; and
the accused notified the LTA of the contravention within a period of 7 days after the contravention.
Except as provided in subsections (3) and (4), it is not a defence in any proceedings for a contravention of subsection (1) to prove that the accused did not intend to or did not knowingly contravene subsection (1).