56
NO. 10 OF 2006
(2) Subject to section 67(4), no person who—
- (a) immediately before the appointed day, is a substantial shareholder of a casino operator shall continue to be such a shareholder unless he has, within 6 months after the appointed day or such longer period as the Minister may allow, applied to the Minister for approval to continue to be such a shareholder; or
- (b) at any time before the appointed day, has entered into any agreement or arrangement referred to in subsection (1)(b) shall continue to be a party to such an agreement or arrangement unless he has, within 6 months after the appointed day or such longer period as the Minister may allow, applied to the Minister for approval to continue to be a party to such an agreement or arrangement.
Control of shareholdings and voting power in casino operator
66.—(1) No person shall, on or after the appointed day, become—
- (a) a 12% controller;
- (b) a 20% controller; or
- (c) an indirect controller,
of a casino operator without first obtaining the approval of the Minister.
(2) Subject to section 67(4), no person who, immediately before the appointed day, is—
- (a) a 12% controller;
- (b) a 20% controller; or
- (c) an indirect controller,
of a casino operator shall continue to be such a controller unless he has, within 6 months after the appointed day or such longer period as the Minister may allow, applied to the Minister for approval to continue to be such a controller.
(3) In subsections (1) and (2)—
- “12% controller” means a person who, alone or together with his associates—
- (a) holds or has interests in 12% or more but less than 20% of the total number of issued shares in a casino operator; or
