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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2896 Considered and Passed Senate (CPS)]

108th CONGRESS
  2d Session
                                S. 2896

    To modify and extend certain privatization requirements of the 
                 Communications Satellite Act of 1962.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                            October 5, 2004

 Mr. Burns (for himself and Mr. Breaux) introduced the following bill; 
   which was read twice, considered, read the third time, and passed

_______________________________________________________________________

                                 A BILL

 
    To modify and extend certain privatization requirements of the 
                 Communications Satellite Act of 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 interests in the successor entity is no 
                longer held or controlled, directly or indirectly, by 
                signatories or former signatories.''.
                                 <all>
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