Document ID: chunk:federal_register_of_legislation:C2004A02490:body:0:p22
Version: federal_register_of_legislation:C2004A02490
Segment Type: other
Provision Reference: 
Character Range: 54355–57061

2 or more such approvals, the later or

    latest approval, is given or such further period as the Tribunal, on application, allows by notice in writing served on the prescribed person within that period of 6 months.
    "(5d) Where—
         (a) a transaction, being a transaction in relation to which section 90j applies to a person who is not a party to the transaction, takes place after the commencement of this sub-section; and
         (b) the person does not contravene this section as described in sub-section (5c),
    in ascertaining whether or not the person is contravening this section otherwise than as described in sub-section (5c), any interests of the person attributable to the transaction shall be disregarded.".

Meaning of control of a company
23. Section 90e of the Principal Act is amended by inserting in sub-section (1) "other than sub-sections 90g (2), (5) and (6), " after "Division, ".

Directors
24. Section 90f of the Principal Act is amended—
     (a) by omitting from sub-section (1) "shall not be" and substituting "contravenes this section if, and so long as, he is";
     (b) by omitting the penalty set out at the foot of sub-section (1);
     (c) by inserting after sub-section (1) the following sub-section:
    "(1a) A person who contravenes this section is guilty of a separate offence in respect of each day (including a day of a conviction under this sub-section or any subsequent day) during which the contravention continues."; and
     (d) by omitting sub-section (5).

25. Section 90g of the Principal Act is repealed and the following section is substituted:

Foreign shareholdings, &c.
"90g. (1) A licence is subject to a condition that a foreign person shall not at any time during the currency of the licence be in a position to exercise control, either directly or indirectly, of the company holding the licence.
"(2) A licence is subject to a further condition that 2 or more foreign persons shall not at any time during the currency of the licence—
     (a) be in a position to exercise control of more than 20% of the maximum number of votes that could be cast on a poll at, or arising out of, a general meeting of the company holding the licence, whether as regards all questions that could be submitted to such a poll or as regards one or more only of those questions;
     (b) hold shareholding interests in the company holding the licence, being shareholding interests in respect of shares of a kind carrying voting

     rights on all questions at general meetings of the company, exceeding in amount 20% of the total of the amounts paid on all shares in the company of a kind carrying such voting rights; or
     (c) hold shareholding interests