Document ID: chunk:federal_register_of_legislation:C2004A02490:body:0:p38
Version: federal_register_of_legislation:C2004A02490
Segment Type: other
Provision Reference: 
Character Range: 93369–95916

amended—
(a) by omitting sub-section (1) and substituting the following sub-sections:
    "(1) Subject to this section, a person contravenes this section if, and so long as, he is a director of 2 or more companies that are, between them, in a position to exercise control of 3 or more licences.
    "(1a) A person who contravenes this section is guilty of a separate offence in respect of each day (including a day of a conviction under this sub-section or any subsequent day) during which the contravention continues."; and

     (b) by omitting sub-section (4).

34. Section 92d of the Principal Act is repealed and the following section is substituted:

Foreign shareholdings, &c.
"92d. (1) A licence is subject to a condition that a foreign person shall not at any time during the currency of the licence be in a position to exercise control, either directly or indirectly, of the company holding the licence.
"(2) A licence is subject to a further condition that 2 or more foreign persons shall not at any time during the currency of the licence—
     (a) be in a position to exercise control of more than 20% of the maximum number of votes that could be cast on a poll at, or arising out of, a general meeting of the company holding the licence, whether as regards all questions that could be submitted to such a poll or as regards one or more only of those questions;
     (b) hold shareholding interests in the company holding the licence, being shareholding interests in respect of shares of a kind carrying voting rights on all questions at general meetings of the company, exceeding in amount 20% of the total of the amounts paid on all shares in the company of a kind carrying such voting rights; or
     (c) hold shareholding interests in the company holding the licence exceeding in amount 20% of the total of the amounts paid on all shares in the company.
"(3) A reference in this section to a foreign person shall be read as a reference to—
     (a) a natural person who is not an Australian citizen; or
     (b) a company, wherever incorporated, that is controlled by a person or persons referred to in paragraph (a).
"(4) For the purposes of paragraph (3) (b), a company shall be deemed to be controlled by a person or persons if, and only if—
     (a) the person is, or persons are, in a position to exercise control of more than 50% of the maximum number of votes that could be cast on a poll at, or arising out of, a general meeting of the company, whether as regards all questions that could be submitted to such a poll or as