Document ID: chunk:federal_register_of_legislation:F2024C00969:reg:24:p1
Version: federal_register_of_legislation:F2024C00969
Segment Type: reg
Provision Reference: reg 24 (pt 1/2)
Character Range: 32549–35522

24  Interest in specified airports

Prescribed interest
 (1) An interest in a share is an interest of a prescribed kind if the interest is an interest in a share held by the interest‑holder in an airport‑operator company for:
 (a) Brisbane Airport; or
 (b) Melbourne (Tullamarine) Airport; or
 (c) Perth Airport.
Note: See subsection (8) for the limited purpose for which a prescribed interest may be disregarded.

Prescribed person
 (2) The interest‑holder mentioned in subsection (1) is a prescribed person if:
 (a) the Minister declares under subsection (4) that the interest‑holder satisfies the conditions set out in subsection (5); and
 (b) the interest‑holder, or an associate of the interest‑holder, acquires a stake in the airport‑operator company for Sydney (Kingsford‑Smith) Airport.

Application for a declaration that conditions are satisfied
 (3) The interest‑holder, or an associate of the interest‑holder, may apply to the Minister, in writing, for a declaration under subsection (4) that the interest‑holder satisfies the conditions set out in subsection (5).

Minister to decide if conditions are satisfied
 (4) On application under subsection (3), the Minister must:
 (a) if reasonably satisfied that the interest‑holder has made the application in good faith and satisfies the conditions in subsection (5):
 (i) make the declaration; and
 (ii) within 7 days of making the declaration give a copy of the declaration to the interest‑holder and publish a notice of the declaration on the Department's website; or
 (b) if not so satisfied—refuse to make the declaration.

Conditions to be satisfied before declaration is made
 (5) For the purposes of subsections (2) to (4), the conditions are that the interest‑holder has, before the Minister makes the declaration:
 (a) given a written undertaking to the Minister:
 (i) to dispose of the prescribed interest; or
 (ii) to ensure that the interest‑holder's stake in an airport‑operator company mentioned in subsection (1) is reduced, so that an unacceptable cross‑ownership situation does not (and would not, in the absence of this section) exist in relation to a pair of airport‑operator companies and in relation to the interest‑holder;
  within 12 months after the interest‑holder acquires a stake in the airport‑operator company for Sydney (Kingsford‑Smith) Airport; and
 (b) given the Minister, in writing, a firm strategy and timetable for complying with the undertaking under paragraph (a).

Report to be provided if requested
 (6) If a declaration by the Minister under subsection (4) is in force in relation to an interest‑holder, the interest‑holder must, if requested by the Minister in writing, give the Minister a written report on the progress that the interest‑holder has made towards:
 (a) disposing of the prescribed interest; or
 (b) ensuring that interest‑holder's stake in an airport‑operator company mentioned in subsection (1) is reduced;
in accordance with the undertaking given under