Section 10

Where the licensee is an international business company or is incorporated under the Companies Act (Chapter 39), no person shall become an indirect ten per cent, twenty per cent, thirty-three per cent, or majority controller of a licensee unless he has served on the

Authority a written notice that he intends to become such a controller and the Authority has given its prior written approval.

Where the licensee is a foreign international company or is registered under

Part IX of the Companies Act (Chapter 39), a person who becomes, or ceases to be an indirect ten per cent, twenty per cent, thirty-three per cent, or a majority controller of a licensee shall prior to, or within thirty-one days of acquiring, disposes of such an interest, notify the Authority in writing of such acquisition or disposal, giving in every case the percentage of shares (if any)

retained by him.

Incorporating amendments until S 1/2016

(Cleancopy) NANI/Bb_as of 08.05.2019

NOTE: Amendment on P1S1 and P45S2 [24.04.2019]; P3S1, P1S2, P10S2, P11S2, P16S2-P18S2P28S2, P31S2, P34S2, P35S2, P39S2,

15

BLUV as at 14th January 2016

In any case to which subsection (2) applies, the Authority may consider whether the criteria set forth in section 5 have been materially adversely affected. In the event that the

Authority determines that such criteria have been so materially adversely affected, the

Authority may exercise the powers set forth under subsection (2) of section 23, subject to the terms of subsections (3) to (7) inclusive of that section, and notwithstanding that none of the events referred to in subsection (1) of section 23 has occurred.

Contravention of section 10.