Pawnbrokers Act 2015 · 2020 Revised Edition · Part 2 · Regulation of Pawnbrokers, Etc.
12. Substantial shareholding, etc., to be approved by Registrar
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It shall be an offence for a person to —
become a substantial shareholder of a licensee by increasing the person’s shareholding in the licensee without the Registrar’s approval;
increase the person’s substantial shareholding in a licensee without the Registrar’s approval; or
refuse to comply with the Registrar’s direction under subsection (2)(c) to reduce the person’s shareholding in a licensee.
In relation to subsection (1), the Registrar may —
Registrar
“Registrar” means the Registrar of Pawnbrokers appointed under section 5, and includes any Deputy Registrar of Pawnbrokers or Assistant Registrar of Pawnbrokers exercising the functions of the Registrar;
on application by a licensee, approve a person to become a substantial shareholder of the licensee by an increase of the person’s shareholding;
on application by a licensee, approve an increase of a person’s substantial shareholding in the licensee; or
subject to section 16, direct a substantial shareholder to reduce its shareholding in a licensee.
A direction under subsection (2)(c) may not require a person’s shareholding to be reduced beyond what is necessary for the person to cease to be a substantial shareholder in the licensee.