55Minister may declare person to have practical control of an airport‑operator company

55 Minister may declare person to have practical control of an airport‑operator company

Declaration (1) If: (a) the Minister is satisfied that: (i) the directors of an airport‑operator company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person (either alone or together with associates); or (ii) a person (either alone or together with associates) is in a position to exercise control over an airport‑operator company; and (b) the Minister is satisfied that: (i) the person does not have any type of stake in the company; or (ii) if the person has one or more types of stake in the company—each of those stakes is not more than 15%; the Minister may declare that the person has practical control of the airport‑operator company for the purposes of this Act. Declaration has effect (2) A declaration under this section has effect accordingly. Revocation of declaration (3) If: (a) a declaration is in force under this section; and (b) the Minister ceases to be satisfied of the matters referred to in paragraphs (1)(a) and (b); the Minister must revoke the declaration. Gazettal and notification of declaration (4) If a declaration under this section is made or revoked, the Minister must arrange for a copy of the declaration or revocation: (a) to be published in the Gazette; and (b) to be given to the airport‑operator company and the person concerned.