then the person shall be deemed to control a percentage of the total votes attached to all equity interests in the second level entity which is equal to the product of the first level percentage and the second level percentage.
(9) In this section—
- “business trust” has the same meaning as in section 2 of the Business Trusts Act (Cap. 31A);
- “entity” includes a corporation, an unincorporated association, a sole proprietorship, a partnership, a limited liability partnership and a business trust;
- “equity interest”—
- (a) in relation to a corporation, means a voting share in that corporation; and
- (b) in relation to any entity other than a corporation, means any right or interest, whether legal or equitable, in the entity, by whatever name called, which gives the holder of that right or interest voting power in that entity;
- “hold”, in relation to any stake, voting share or unit of equity interest, includes holding that stake, voting share or unit through a nominee, and “holder” and “holding” shall be construed accordingly;
- “limited liability partnership” means a limited liability partnership formed under section 4(1) of the Limited Liability Partnerships Act 2005 (Act 5 of 2005) or any equivalent foreign law;
- “main shareholder”, in relation to a casino operator, means such person as the Minister may, by notification in the Gazette, designate as the main shareholder of the casino operator.
(10) This section shall apply to every individual, whether resident in Singapore or not, and to every body corporate or unincorporate, whether incorporated or carrying on business in Singapore or not.
(11) Where the main shareholder of a casino operator is not resident or does not have a place of business in Singapore, it shall be a condition of the casino licence that the casino operator shall notify the Authority of an address within Singapore for the service of any summons, notice, order or legal process upon its main shareholder and of a person or persons authorised by the main shareholder to accept service on its behalf.
