24Interest in specified airports

24 Interest in specified airports

Prescribed interest (1) An interest in a share is an interest of a prescribed kind if the interest is an interest in a share held by the interest‑holder in an airport‑operator company for: (a) Brisbane Airport; or (b) Melbourne (Tullamarine) Airport; or (c) Perth Airport.

Note: See subsection (8) for the limited purpose for which a prescribed interest may be disregarded.

Prescribed person (2) The interest‑holder mentioned in subsection (1) is a prescribed person if: (a) the Minister declares under subsection (4) that the interest‑holder satisfies the conditions set out in subsection (5); and (b) the interest‑holder, or an associate of the interest‑holder, acquires a stake in the airport‑operator company for Sydney (Kingsford‑Smith) Airport. Application for a declaration that conditions are satisfied (3) The interest‑holder, or an associate of the interest‑holder, may apply to the Minister, in writing, for a declaration under subsection (4) that the interest‑holder satisfies the conditions set out in subsection (5). Minister to decide if conditions are satisfied (4) On application under subsection (3), the Minister must: (a) if reasonably satisfied that the interest‑holder has made the application in good faith and satisfies the conditions in subsection (5): (i) make the declaration; and (ii) within 7 days of making the declaration give a copy of the declaration to the interest‑holder and publish a notice of the declaration on the Department’s website; or (b) if not so satisfied—refuse to make the declaration. Conditions to be satisfied before declaration is made (5) For the purposes of subsections (2) to (4), the conditions are that the interest‑holder has, before the Minister makes the declaration: (a) given a written undertaking to the Minister: (i) to dispose of the prescribed interest; or (ii) to ensure that the interest‑holder’s stake in an airport‑operator company mentioned in subsection (1) is reduced, so that an unacceptable cross‑ownership situation does not (and would not, in the absence of this section) exist in relation to a pair of airport‑operator companies and in relation to the interest‑holder; within 12 months after the interest‑holder acquires a stake in the airport‑operator company for Sydney (Kingsford‑Smith) Airport; and (b) given the Minister, in writing, a firm strategy and timetable for complying with the undertaking under paragraph (a). Report to be provided if requested (6) If a declaration by the Minister under subsection (4) is in force in relation to an interest‑holder, the interest‑holder must, if requested by the Minister in writing, give the Minister a written report on the progress that the interest‑holder has made towards: (a) disposing of the prescribed interest; or (b) ensuring that interest‑holder’s stake in an airport‑operator company mentioned in subsection (1) is reduced; in accordance with the undertaking given under paragraph (5)(a). Interest‑holder must notify Minister if ceases to be willing or able to comply with conditions (7) If a declaration by the Minister under subsection (4) is in force in relation to an interest‑holder, and the interest‑holder ceases to be willing or able to comply with the undertaking given under paragraph (5)(a), the interest‑holder must advise the Minister in writing of that fact within 7 days after ceasing to be willing or able to comply. Prescribed interest to be disregarded for limited purpose (8) Despite subsection (1), a prescribed interest held by the interest‑holder, or by an associate of the interest‑holder, is disregarded only for the purposes of determining whether an unacceptable cross‑ownership situation is created by the acquisition of a stake in the airport‑operator company for Sydney (Kingsford‑Smith) Airport in relation to which the undertaking under paragraph (5)(a) is given. When declaration ceases to have effect (9) A declaration under this section ceases to have effect at the end of 12 months after the interest‑holder acquires a stake in the airport‑operator company for Sydney (Kingsford‑Smith) Airport, unless it is revoked earlier. Notice of refusal decision to be given (10) The Minister must, within 7 days of deciding to refuse to make a declaration, give the applicant written notice stating: (a) the reasons for the decision; and (b) the interest‑holder’s right to have the decision reviewed by the Administrative Review Tribunal.