Document ID: chunk:federal_register_of_legislation:C2004A05097:clause:1_8bv
Version: federal_register_of_legislation:C2004A05097
Segment Type: clause
Provision Reference: sch 1 cl 8BV
Character Range: 54799–56587

8BV  Separate classes of shares in Telstra

 (1) The Minister may, by notice published in the Gazette before the minority‑interest sale time, require that Telstra's constitution must contain such provisions relating to classes of Telstra's ordinary share capital as are specified in the direction.

 (2) A requirement under subsection (1) may consist of or include any or all of the following:
 (a) a requirement that Telstra's constitution must contain a provision dividing the ordinary share capital of Telstra into particular classes of shares;
 (b) a requirement that Telstra's constitution must contain a provision imposing restrictions on the issue and ownership of a specified class of shares so as to prevent foreign persons, and associates of foreign persons, from holding interests in that class of shares;
 (c) a requirement that Telstra's constitution must contain a provision imposing restrictions on the issue and ownership of a specified class of shares so as to prevent persons other than the Commonwealth from holding interests in that class of shares.

 (3) Subsection (2) does not, by implication, limit subsection (1).

 (4) A contravention of a notice under subsection (1) is taken to be a contravention of this section.

 (5) Telstra must comply with a provision contained in its constitution as a result of a notice under subsection (1).

 (6) A contravention of this section is not an offence. However, a contravention of this section is a ground for obtaining an injunction under Division 1 of Part 2B.

 (7) A contravention of this section does not affect the validity of any transaction.

 (8) The requirements of this section are in addition to the requirements of section 8BI.

 (9) Clause 9 of the Schedule does not apply for the purposes of this section.