Telstra (Transition to Full Private Ownership) Act 2005
485% sale day
Start here
Get a plain-English read of 4
Turn the raw legal text into a practical explanation grounded in Telstra (Transition to Full Private Ownership) Act 2005.
4 85% sale day
(1) If, in the opinion of the Minister, a particular day is the first day after the commencement of Part 1 of Schedule 1 on which 85% of the voting shares in Telstra are held by a person, or persons, other than the Commonwealth, the Minister must, by written instrument, declare the day to be the 85% sale day for Telstra. (2) The declaration has effect accordingly. Future Fund and Communications Fund (3) For the purposes of this section, 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 this section, 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. Declaration (5) The declaration under subsection (1) is a legislative instrument for the purposes of the Legislative Instruments Act 2003, but section 42 of that Act does not apply to the declaration. (6) The 85% sale day may be earlier than the day on which the declaration under subsection (1) is registered under the Legislative Instruments Act 2003. Definitions (7) In this section:
category A hybrid‑security issuer company has the same meaning as in the Telstra Corporation Act 1991.
Communications Fund has the same meaning as in the Telstra Corporation Act 1991.
Future Fund has the same meaning as in the Telstra Corporation Act 1991.
Telstra has the same meaning as in the Telstra Corporation Act 1991.
the Commonwealth includes a category A hybrid‑security issuer company.
voting share has the same meaning as in the Telstra Corporation Act 1991.