Document ID: chunk:federal_register_of_legislation:C2025C00023:clause:1_4:p1
Version: federal_register_of_legislation:C2025C00023
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 1/2)
Character Range: 856094–858743

4  Special provisions for authorised lenders
 (1) Subject to subclause (2), if an authorised lender has a loan agreement with a media company:
 (a) the agreement; and
 (b) any other agreement or transaction that is:
 (i) associated with the loan agreement; and
 (ii) entered into in the ordinary course of carrying on a business of providing financial accommodation; and
 (c) anything done under the loan agreement or under an agreement or transaction referred to in paragraph (b), being a thing done in the ordinary course of carrying on a business of providing financial accommodation;
are to be disregarded in deciding whether the lender or any controller of the lender is in a position to exercise control of the media company or of any licence or newspaper of which the media company is in a position to exercise control.
 (2) Subclause (1) does not apply in relation to being in a position to exercise control of a licence if the lender or a controller of the lender:
 (a) prevents the licensee from complying with a condition of the licence; or
 (b) controls the selection or provision of any of the programs to be broadcast by the licensee; or
 (c) appoints or secures the appointment of at least half of the board of directors of the licensee; or
 (d) vetoes the appointment of at least half of the board of directors of the licensee otherwise than:
 (i) under a loan agreement or an agreement or transaction referred to in paragraph (1)(b); and
 (ii) in the ordinary course of carrying on a business of providing financial accommodation.
 (3) Subclause (1) does not apply in relation to being in a position to exercise control of a newspaper if the lender or a controller of the lender:
 (a) controls the selection or provision of any of the material to be published in the newspaper; or
 (b) appoints or secures the appointment of at least half of the board of directors of the media company that publishes the newspaper; or
 (c) vetoes the appointment of at least half of the board of directors of the media company that publishes the newspaper otherwise than:
 (i) under a loan agreement or an agreement or transaction referred to in paragraph (1)(b); and
 (ii) in the ordinary course of carrying on a business of providing financial accommodation.
 (4) In this clause:
authorised lender means:
 (a) an ADI (authorised deposit‑taking institution) within the meaning of the Banking Act 1959; or
 (b) a corporation formed under the law of a State or Territory to carry on the business of banking within Australia; or
 (c) a corporation whose sole or principal business is the provision of financial accommodation to other persons, being a