2002 Ed. Newspaper and Printing Presses CAP. 206 8 (c) no management shares shall be issued or transferred except to citizens of Singapore or corporations who or which have been granted the written approval of the Minister. (2) No newspaper company shall refuse to issue or to accept the transfer of management shares to any person who has been granted the written approval of the Minister to purchase or hold the shares except for reasons to be given in writing acceptable to the Minister. (3) An appeal against any decision of the Minister under subsection (2) shall lie to the President whose decision shall be final. (4) As soon as practicable after 1st January 1975, every newspaper company shall issue such number of management shares as is equal to 1% or more of its issued and paid-up capital; and where any subsequent issue of shares is made by the newspaper company, 1% of every such issue shall consist of management shares. (5) Management shares issued under subsection (4) shall be for cash and in accordance with the terms specified in this section and — (a) in the case of a newspaper company the shares of which are quoted on a stock exchange in Singapore or elsewhere, at a price that is equivalent to the market price of the ordinary shares prevailing at the date of the issue; (b) in the case of a newspaper company the shares of which are not quoted on a stock exchange in Singapore or elsewhere, at such fair and reasonable value as may be determined by the Minister. (6) Upon the determination by the Minister under subsection (5)(b) of a fair and reasonable value to be placed upon management shares, a newspaper company shall be bound to issue the management shares as soon as practicable at that determined value. (7) No person shall continue to hold management shares of a newspaper company if the approval of the Minister given under subsection (1)(c) or (15) has been revoked, and upon such revocation — (a) the person shall cease to have any voting rights under those management shares; and Informal Consolidation – version in force from 1/7/2015