29U. Effect of remedial directions
Feedback & supportLast amended by an amending law of 2022.
Any direction issued to a person under section 29T 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 cruise terminal licensee.
licensee
“licensee” means a person who is granted a licence, or whose licence is renewed, under section 23(4)(a);
Where any direction is issued under section 29T(2)(a) or (b), 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 cruise terminal licensee —
no voting right is exercisable in respect of the specified equity interest unless the Controller expressly permits the exercise of those rights;
the voting power that the person to whom the direction is issued controls, whether alone or together with that person’s associates, in the cruise terminal licensee is not exercisable unless the Board expressly permits that power to be exercised;
no equity interest of the cruise terminal licensee is to be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified equity interest unless the Controller expressly permits the issue or offer; and
except in a winding up of the cruise terminal licensee, no payment may be made by the cruise terminal licensee of any amount (whether by way of dividends or otherwise) in respect of the specified equity interest unless the Controller expressly authorises the payment,until the transfer or disposal is effected in accordance with the direction or until the direction is revoked, as the case may be.