In forceAmended2020 Revised Edition

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Public Utilities Act 2001 · 2020 Revised Edition · Part 4A · Control of Designated Entities, Designated Business Trusts and Designated Trusts

44E. Notice to Board by 5% controller

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Amended

Last amended by an amending law of 2020.

(1)

If a person becomes, on or after 1 April 2020, a 5% controller of a designated entity, designated business trust or designated trust, that person must, within 7 days after becoming the 5% controller, give written notice to the Board of that fact.

(2)

Any person who contravenes subsection (1) shall be guilty of an offence.

(3)

In any proceedings for an offence in relation to a contravention of subsection (1), it is a defence for the accused to prove that the accused —

(a)

was not aware of the contravention when it occurred; and

(b)

notified the Board of the contravention within a period of 14 days after becoming aware of the contravention.

(4)

In any proceedings for an offence in relation to a contravention of subsection (1), it is also a defence for the accused to prove that even though the accused was aware of the contravention —

(a)

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, designated business trust or designated trust, as the case may be;

(b)

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, designated business trust or designated trust, as the case may be; and

(c)

the accused notified the Board of the contravention within a period of 7 days after the contravention.

(5)

Except as provided in subsections (3) and (4), it is not a defence in any proceedings for an offence in relation to a contravention of subsection (1) to prove that the accused did not intend to or did not knowingly contravene subsection (1).

Terms defined in this Act

5% controller
Defined · s 44A
“5% controller”, in relation to a designated entity, designated business trust or designated trust, means a person who, alone or together with the person’s associates —(a)holds 5% or more, but less than 12%, of the total equity interests in; or(b)is in a position to control 5% or more, but less than 12%, of the voting power in,the designated entity, designated business trust or designated trust, as the case may be;
Open s 44A
acquisition
Defined · s 44A
“acquisition” includes an agreement to acquire, but does not include —(a)an acquisition by will or by operation of law; or(b)an acquisition by way of enforcement of a security for any loan or other debt;
Open s 44A
arrangement
Defined · s 44A
“arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied;
Open s 44A
Board
Defined · s 2
“Board” means the Public Utilities Board reconstituted under the Public Utilities Act in force before 1 April 2001 and continued by section 3;
Open s 2
designated business trust
Defined · s 44A
“designated business trust” means a business trust that has been designated under section 44D as a designated business trust;
Open s 44A
designated entity
Defined · s 44A
“designated entity” means an entity that has been designated under section 44D as a designated entity;
Open s 44A
designated trust
Defined · s 44A
“designated trust” means a trust that has been designated under section 44D as a designated trust;
Open s 44A
equity interest
Defined · s 44A
“equity interest” means —(a)in relation to a corporation — a voting share in that corporation;(b)in relation to an entity other than a corporation — any right or interest, whether legal or equitable, in that entity (by whatever name called) which gives the holder of that right or interest voting power in that entity; (c)in relation to a business trust — a unit in that business trust; and(d)in relation to a trust other than a business trust — any right or interest, whether legal or equitable, in that trust (by whatever name called) which gives the holder of that right or interest voting power in that trust;
Open s 44A

Report

Read on from s 44F

Part 5

Offences

Read on from Part 5

Part 6

Transfer to Board of Property, Liabilities and Employees

Read on from Part 6

Part 7

Miscellaneous

Read on from Part 7

Schedules

Read on from Schedules