Telecommunications Ordinance Part 3A 3A-22 Section 13J Cap. 106 total number of voting shares in a licensee as at the date of the grant of the licence to the licensee may not be transferred or acquired, directly or indirectly, within the period of 3 years following the date of the grant of the licence to the licensee. (Amended 17 of 2011 s. 28) (2) Any transaction, settlement, agreement or understanding the effect of which would but for this subsection, constitute a contravention of subsection (1) is void. (3) Any person exercising or purporting to exercise any right to dispose of or acquire any right, title or interest to or in voting shares referred to in subsection (1) where the result of such disposition or acquisition would to his knowledge, but for subsection (2), constitute a contravention of subsection (1) commits an offence and is liable to a fine at level 6. (Amended E.R. 2 of 2012) (4) Nothing in this section shall apply to— (a) a transfer or acquisition by any person pursuant to the bona fide exercise by him of his functions as a personal representative, liquidator, receiver or trustee in bankruptcy; (b) a transfer to a person who is— (i) an authorized financial institution; (ii) an insurer who is authorized within the meaning of the Insurance Ordinance (Cap. 41); or (Amended 12 of 2015 s. 102) (iii) an exchange participant as defined in section 1 of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap. 571), or a corporation licensed to carry on, or an authorized financial institution registered for carrying on, a business in dealing in securities or securities margin financing under Last updated date 20.4.2018