Document ID: chunk:federal_register_of_legislation:C2004A04740:body:0:p2
Version: federal_register_of_legislation:C2004A04740
Segment Type: other
Provision Reference: 
Character Range: 2649–5544

an Australian international airline:

    (a) to give to the Minister such information as is specified in the notice concerning the extent (if any) to which foreign airlines have relevant interests in shares in the Australian international airline; or

    (b) if foreign airlines have relevant interests in shares in the Australian international airline that represent, in total, more than 35% of the total value of the issued share capital of the Australian international airline—to take all necessary action to ensure that its articles of association comply with subsection (2); or

    (c) if an individual foreign airline has relevant interests in shares in the Australian international airline that represent more than 25% of the total value of the issued share capital of the Australian international airline—to take all necessary action to ensure that its articles of association comply with subsection (2).

"(2) The articles of association of an Australian international airline comply with this subsection if they:

    (a) impose restrictions on the issue, transfer and ownership (including joint ownership) of shares in the Australian international airline so as to prevent foreign airlines having relevant interests in shares in the Australian international airline that represent, in total, more than 35% of the total value of the issued share capital of the Australian international airline; and

    (b) impose restrictions on the issue, transfer and ownership (including joint ownership) of shares in the Australian international airline so as to prevent an individual foreign airline having relevant interests in shares in the Australian international airline that represent more than 25% of the total value of the issued share capital of the Australian international airline; and

    (c) confer the following powers on the directors of the Australian international airline to enable the directors to enforce the restrictions referred to in paragraphs (a) and (b):

        (i) the power to do anything necessary to effect the transfer of shares held by a person;

SCHEDULE 1—continued

        (ii) the power to remove or limit the right of a person to exercise voting rights attached to voting shares;

        (iii) the power to end the appointment of a person to the office of director of the Australian international airline;

      (iv) the power to refuse to register a transfer of shares to a person.

"(3) For the purposes of this section, a person has a relevant interest in a share if, and only if, the person would be taken because of Division 5 of Part 1.2 of the Corporations Law to have a relevant interest in the share if section 33 of that Law were disregarded.

  "(4) In this section:

'Australian international airline' means an international airline that may be permitted to carry passengers or freight, or both passengers and freight, under a bilateral