Control of company not to be given without consent of Minister

(1) Where a mining licence is granted to a company, the company shall not, after the date of the grant of the licence, without the written consent of the Minister– (a) register the transfer of any share or shares in the company to any particular person or his nominee; or (b) enter into an agreement with any particular if the effect of doing so would be to give to the particular person, or his nominee, control of the company. (2) On application made to him for his consent under this section, the Minister shall give his consent if he considers that the public interest would not be prejudiced, but otherwise shall refuse to give his consent; and for the purpose of considering any such application the Minister may call for and obtain such information as he considers necessary. (3) For the purposes of this section– (a) a person is deemed to have control of a (i) if the person, or his nominee, holds or the person and his nominee hold a total of twenty per centum or more of the equity shares in the company; or 68 (ii) if the person is entitled to appoint, or prevent the appointment of, half or more than half the number of directors of the company; (b) “equity shares”, in relation to a company, means shares in the company other than preference shares; and (c) “preference shares” means shares which carry the right to payment of a dividend of a fixed amount, or not exceeding a fixed amount, in priority to payment of a dividend on another class or other classes of shares, whether with or without other rights. Non-Exclusive Prospecting Licences and Claims, etc.