Page:Casino Control Act 2006.pdf/37

Rh :(c) except in a liquidation of the casino operator, no payment shall be made by the casino operator of any amount (whether by way of dividends or otherwise) in respect of the relevant shares unless the Minister expressly permits such payment.

(7) For the purposes of this section—
 * (a) a person holds a stake in a casino operator if he—
 * (i) holds any voting share in the casino operator; or
 * (ii) is deemed under subsection (8) to control any percentage of the total votes attached to all voting shares in the casino operator; and
 * (b) the percentage of the total votes attached to a person’s stake in a casino operator at a particular time is the aggregate of—
 * (i) the percentage which represents the proportion that the votes attached to the voting shares which he holds in the casino operator at that time bear to the total votes attached to all voting shares in the casino operator at that time; and
 * (ii) every percentage of the total votes attached to all voting shares in the casino operator which he is deemed under subsection (8) to control at that time.

(8) For the purposes of this section, if—
 * (a) a person—
 * (i) holds one or more units of equity interests in an entity (referred to in this subsection as the first level entity) and by virtue of that holding controls; or
 * (ii) is deemed under this subsection to control, a certain percentage (referred to in this subsection as the first level percentage) of the total votes attached to all equity interests in the first level entity; and
 * (b) the first level entity holds one or more units of equity interests in another entity (referred to in this subsection as the second level entity) and by virtue of that holding controls a certain percentage (referred to in this subsection as the second level percentage) of the total votes attached to all equity interests in the second level entity,