In forceAmended2020 Revised Edition

Contents

Gas Act 2001 · 2020 Revised Edition · Part 7B · Control of Gas Licensees and Entities with Interest in Gas Pipeline Network

63F. Effect of directions

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Amended

Last amended by an amending law of 2024. 3 amendments in all.

(1)

Any direction issued by the Authority to any person under section 63E takes effect despite the provisions of any other written law or anything contained in the memorandum or articles of association, trust deed or other constitution of the designated gas licensee, designated entity or designated business trust, as the case may be.

(2)

Where any direction is issued under section 63E(2)(b) or (c) or (2A)(b) or (c), despite the provisions of any other written law or anything contained in the memorandum or articles of association, trust deed or other constitution, of the designated gas licensee, designated entity or designated business trust (as the case may be) —

(a)

no voting rights are exercisable in respect of the specified equity interests or relevant equity interests unless the Authority expressly permits such rights to be exercised;

(b)

no equity interests in the licensee, entity or business trust may be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified equity interests or relevant equity interests unless the Authority expressly permits such issue or offer; and

(c)

except in a winding up of the licensee, entity or business trust, payments must not be made by the licensee, entity or trustee‑manager of the business trust of any amount (whether by way of dividends or otherwise) in respect of the specified equity interests or relevant equity interests unless the Authority expressly authorises such payment,until the 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.