9Airport‑operator company to keep records

9 Airport‑operator company to keep records

(1) For the purposes of paragraph 60(1)(a) of the Act, an airport‑operator company must keep a record of: (a) any stake in the company that is held by a foreign person; and (b) any stake in the company that is held by an airline; and (c) if the company is a member of a pair of airport‑operator companies: (i) any stake in the company that is held by the other member of the pair; and (ii) any stake in the company that is held by a person that holds a stake in the other member of the pair; and (iii) any stake that the company holds in the other member of the pair. (2) The record must include, for each stake: (a) in the case of a stake that is composed of a direct control interest held by only one person: (i) the amount of the interest; and (ii) the type of interest held; and (iii) details of the person holding the interest; and (b) in the case of a stake that is composed of direct control interests held by 2 or more persons—the information mentioned in subparagraphs (a)(i), (ii) and (iii) about each of those interests.

Note: A person’s stake of a particular type in an airport‑operator company includes both the person’s direct control interest in the company and any direct control interests held by the person’s associates (see clause 11 of the Schedule to the Act).

(3) The record for a stake must: (a) be made as soon as reasonably practicable after the stake is acquired; and (b) be updated as soon as reasonably practicable after any increase or decrease in the stake; and (c) be retained: (i) until the end of the financial year after the financial year in which the record is made; or (ii) if the record is updated as referred to in paragraph (b)—the end of the financial year after the financial year in which the record was most recently so updated. (4) The records required to be kept under this section must be indexed in a way that allows the aggregate of stakes of a particular type, or held by a particular class of person, to be readily worked out.

Note: An airport‑operator company may commit an offence if it contravenes the requirements in this section to keep records (see subsection 60(4) of the Act).