9Criteria for approval of airport‑management agreement or variation of an agreement

9 Criteria for approval of airport‑management agreement or variation of an agreement

(1) For the purposes of paragraphs 33(4C)(a) and (4F)(a) of the Act, subsection (2) of this section specifies the matters that the Minister must have regard to in making a decision: (a) under subsection 33(4A) of the Act to approve an airport‑management agreement in relation to an airport; or (b) under subsection 33(4D) of the Act to approve a variation of such an agreement. (2) The matters are as follows: (a) whether the proposed agreement, or the agreement as proposed to be varied, (the proposed agreement) gives the airport‑lessee company an option to purchase the assets of the airport‑management company when the agreement is terminated; (b) whether the proposed agreement gives the airport‑lessee company an option to purchase the assets of the airport‑management company if, under the Corporations Act 2001: (i) the airport‑management company goes into liquidation; or (ii) the airport‑management company is wound up; or (iii) a liquidator is appointed (whether the liquidation is voluntary, provisional or otherwise and whether or not the liquidator is appointed provisionally or otherwise); (c) whether the proposed agreement provides that, if the airport lease is terminated for any reason, the Minister may direct that the Commonwealth, or a person nominated by the Minister, is taken to be substituted for the airport‑lessee company as a party to the agreement; (d) whether the proposed agreement provides that, if the airport lease is terminated for any reason, and if the Minister gives a direction referred to in paragraph (c), the agreement continues to have effect according to its terms, except that: (i) the Commonwealth or a person nominated by the Minister is to be taken to be a party to the agreement in the place of the airport‑lessee company; and (ii) the Commonwealth or a person nominated by the Minister is not liable under the agreement for liabilities arising before the Commonwealth or person is taken to have become a party to the agreement; and (iii) the Commonwealth or a person nominated by the Minister may terminate the agreement at any time, subject to the payment of fair and reasonable compensation; (e) whether the proposed agreement provides that the airport‑lessee company must not terminate the agreement unless it gives the Secretary: (i) written notice, at least 21 days before the intended termination date, of its intention to do so; and (ii) any information that the Secretary reasonably requires about the termination; (f) whether the proposed agreement, either: (i) provides that the airport‑lessee company may terminate the agreement only upon reasonable notice and for reasonable cause; or (ii) does not provide that the airport‑lessee company may terminate the agreement at any time without cause; (g) whether the proposed agreement provides for financial information to be given by the airport‑management company to the airport‑lessee company to enable the airport‑lessee company to comply with Part 7 of the Act (relating to accounts and reports). (3) In paragraph (2)(a):