3BTelstra body

3B Telstra body

Divisions 1, 2 and 3 of Part 3A (1) A reference in Divisions 1, 2 and 3 of Part 3A to a Telstra body is a reference to: (a) Telstra; or (b) a body corporate that is a subsidiary of Telstra immediately before the day that is the first day after the commencement of Part 1 of Schedule 1 to the Telstra (Transition to Full Private Ownership) Act 2005 on which a majority of the voting shares in Telstra are held by a person, or persons, other than the Commonwealth. Remaining provisions (2) A reference in any of the remaining provisions of this Act to a Telstra body is a reference to: (a) Telstra; or (b) a body corporate that is a subsidiary of Telstra. Future Fund and Communications Fund (3) For the purposes of subsection (1), if a share in Telstra is an investment of the Future Fund or the Communications Fund, the share is taken to be held by a person other than the Commonwealth. Securities lending arrangements (4) For the purposes of subsection (1), if, under an agreement of the kind known as a securities lending arrangement: (a) at a particular time (the disposal time), the Commonwealth disposed of a share in Telstra (the borrowed share) to another person (the borrower); and (b) the Commonwealth may come under an obligation to: (i) re‑acquire the borrowed share from the borrower at a later time; or (ii) acquire an identical share from the borrower at a later time; the borrowed share is taken to be held by the Commonwealth during the period: (c) beginning at the disposal time; and (d) ending when the obligation mentioned in paragraph (b) is discharged or can no longer arise. Definition (5) In this section:

the Commonwealth includes a category A hybrid‑security issuer company.

64 Before Part 4

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