```

[108th Congress Public Law 371]
[From the U.S. Government Printing Office]

[DOCID: f:publ371.108]

[[Page 118 STAT. 1752]]

Public Law 108-371
108th Congress

                                 An Act

 
     To modify and extend certain privatization requirements of the 
      Communications Satellite Act of <<NOTE: Oct. 25, 2004 -  [S. 
                              2896]>> 1962.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. PRIVATIZATION REQUIREMENTS MODIFIED AND EXTENDED.

    Section 621(5) of the Communications Satellite Act of 1962 (47 
U.S.C. 763) is amended--
            (1) in subparagraph (A)(ii), by striking ``June 30, 2004'' 
        and inserting ``June 30, 2005''; and
            (2) by adding at the end the following new subparagraph:
                    ``(F) Notwithstanding subparagraphs (A) and (B), a 
                successor entity may be deemed a national corporation 
                and may forgo an initial public offering and public 
                securities listing and still achieve the purposes of 
                this section if--
                          ``(i) the successor entity certifies to the 
                      Commission that--
                                    ``(I) the successor entity has 
                                achieved substantial dilution of the 
                                aggregate amount of signatory or former 
                                signatory financial interest in such 
                                entity;
                                    ``(II) any signatories and former 
                                signatories that retain a financial 
                                interest in such successor entity do not 
                                possess, together or individually, 
                                effective control of such successor 
                                entity; and
                                    ``(III) no intergovernmental 
                                organization has any ownership interest 
                                in a successor entity of INTELSAT or 
                                more than a minimal ownership interest 
                                in a successor entity of Inmarsat;
                          ``(ii) the successor entity provides such 
                      financial and other information to the Commission 
                      as the Commission may require to verify such 
                      certification; and
                          ``(iii) the Commission determines, after 
                      notice and comment, that the successor entity is 
                      in compliance with such certification.
                    ``(G) For purposes of subparagraph (F), the term 
                `substantial dilution' means that a majority of the 
                financial

[[Page 118 STAT. 1753]]

                interests in the successor entity is no longer held or 
                controlled, directly or indirectly, by signatories or 
                former signatories.''.

    Approved October 25, 2004.

LEGISLATIVE HISTORY--S. 2896:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 150 (2004):
            Oct. 5, considered and passed Senate.
            Oct. 8, considered and passed House.

                                  <all>
```