S.L. 386.33 Art. 4Membership and ownership of a sports private limited liability company.       Cap. 492.

(1) The members of a sports private limited liability company may be companies, foundations, associations and other body corporates, as well as natural persons.

(2) Any person who is, or proposes to become, a shareholder, beneficial owner, director, or person exercising significant influence over a sports private limited liability company shall be a fit and proper person, in accordance with applicable governance standards.

(3) For the purposes of this regulation, the assessment of whether a person is fit and proper shall be carried out in accordance with the Code of Good Governance issued by the Authority for Integrity in Maltese Sport, as may be amended from time to time.

(4) A sports private limited liability company shall, prior to registration and on a regular basis thereafter, ensure compliance with the Code of Good Governance referred to in sub-regulation (3).

(5) Where a person is found not to satisfy the fit and proper requirements under the Code of Good Governance, the Authority for Integrity in Maltese Sport, may require the sports private limited liability company to take appropriate remedial action within a deadline stipulated by the said Authority.

(6) A sports private limited liability company shall consist of at least two (2) and not more than fifty (50) shareholders, as follows:

(a) a class referred to as "Class A" consisting of one

(1) or more shareholders, which shareholders may be either a commercial partnership, or a natural person; and

(b) another class referred to as "Class B" consisting of one (1) shareholder, which may be either an association or a foundation, which entity shall be a non-profit organisation, and registered as a voluntary organisation in accordance with the

Voluntary Organisations Act.

(7) Class A shareholders shall not collectively be entitled to:

(i) own more than ninety per cent (90%) of the share capital in the sports private limited liability company;

(ii) own more than ninety per cent (90%) of the voting rights in the sports private limited liability company;

(iii) nominate more than ninety per cent (90%) of the members of the Board of Directors of the sports private limited liability company.

(8) Class B shareholders shall be entitled collectively to not less than ten per cent (10%) of each of the rights referred to in sub-regulation (7) in the particular sports private limited liability company.