17Associates of a foreign person—action in concert etc.

17 Associates of a foreign person—action in concert etc.

(1) This section applies to an interest in a share held by a person (the primary interest‑holder) whether or not the primary interest‑holder, in connection with that interest or any interest in a Telstra successor company: (a) is directly, or indirectly, controlled by a foreign person; or (b) acts in concert with a foreign person; or (c) is accustomed, or under an obligation (whether formal or informal), to act in accordance with the directions, instructions or wishes of a foreign person. (2) The interest is an interest of a prescribed kind if: (a) it is counted for the ownership provisions in determining the particular type of stake in the Telstra successor company held, respectively, by the primary interest‑holder and a foreign person (if any) of a kind mentioned in subsection (1); and (b) except for the operation of this section, the interest would also be counted for the ownership provisions in determining the particular type of stake held in the Telstra successor company by an irrelevant associate of the primary‑interest holder. (3) The primary interest‑holder mentioned in subsection (1) is a prescribed person. (4) For the purposes of subsection (2), a person is an irrelevant associate of the primary interest‑holder if, in connection with the interest or any interest in the Telstra successor company, although the primary interest‑holder is an associate of the person: (a) the primary interest‑holder is not directly, or indirectly, controlled by the person; and (b) the primary interest‑holder does not act in concert with the person; and (c) the primary interest‑holder is not accustomed, or under an obligation (whether formal or informal), to act in accordance with the directions, instructions or wishes of the person.