Section 36
Section 36
(1)
No person shall, without the prior written approval of the
Minister, hold, directly or indirectly through a nominee, more than 3% of the ordinary shares issued by a broadcasting company.
(2)
The Minister may grant his approval under subsection (1) subject to such conditions as he may think fit.
(3)
Any person who, directly or indirectly through a nominee, holds more than 3% of the ordinary shares issued by a broadcasting company without having obtained the prior written approval of the Minister is guilty of an offence and liable on conviction to imprisonment for a term not exceeding 2 years, a fine not exceeding $5,000 or both; and any surplus shares held by him shall be forfeited to the Government.
(4)
The Minister may at any time in writing revoke any lpproval given under subsection (1) without assigning a reason.
(5)
Before the Minister revokes any approval given under subsection
(1)
, he shall give the person concerned a reasonable time to dispose of his surplus shares.
(6)
Notwithstanding any other law, a nominee registered as the holder of ordinary shares issued by a broadcasting company shall, at the written request of the Minister, disclose to him the names and addresses of the persons on whose behalf he is holding those shares, and if the information is not furnished within fourteen days of the request he is guilty of an offence and liable on conviction to imprisonment for a term not exceeding 2 years, a fine not exceeding $5,000 or both.
(7)
In this section, "surplus shares" means an the ordinary shares of a broadcasting company held by, and on behalf of, a person in excess of the 3% limit prescribed by subsection (1).
Broadcasting
CAP. 180 29
Funds from foreign source for purposes of broadcasting service.