12BCompany may object to direction by members

12B Company may object to direction by members

[Section 12B Inserted by No. 18 of 2025, s. 46, Applied:01 Jan 2026]

(1)  Within 21 days after receiving a copy of a direction, or a copy of a written notice of an amendment or revocation of such a direction, under section 12A(5) , the Board or a subsidiary board may object to the direction, or its amendment or revocation, on any ground.

(2)  An objection under subsection (1) is to –

(a) be made in writing to the members of the Company; and

(b) specify the grounds of the objection.

(3)  If the members of the Company receive an objection under subsection (1) in respect of a direction –

(a) the members, within 10 days after receiving the objection, are to notify the relevant board, in writing, that the members –

(i) intend to amend or revoke the direction in accordance with section 12A ; or

(ii) do not intend to amend or revoke the direction; and

(b) if the members notify the relevant board under paragraph (a)(i) that the direction is to be amended or revoked, the direction is of no effect until it is so amended or revoked; and

(c) if the members notify the relevant board under paragraph (a)(ii) that the direction is not to be amended or revoked –

(i) the Minister must cause a copy of the objection to be tabled in each House of Parliament within 5 sitting-days after the members received the objection; and

(ii) if the Minister fails to table a copy of the objection under this paragraph, the direction is void.