Document ID: chunk:federal_register_of_legislation:C2024C00680:section:38
Version: federal_register_of_legislation:C2024C00680
Segment Type: section
Provision Reference: s 38
Character Range: 63816–65247

38  Simplified outline
  The following is a simplified outline of this Part:

         • Airport‑operator companies are subject to the following ownership restrictions:

                (a) a 49% limit on foreign ownership;
                (b) a 5% limit on airline ownership for certain airports;
                (c) a 15% limit on cross‑ownership for Sydney (Kingsford‑Smith)/Melbourne, Sydney (Kingsford‑Smith)/Brisbane and Sydney (Kingsford‑Smith)/Perth airports.

         • Those limits relate to a person's stake in a company.
         • A person's stake includes the interests of the person's associates.
         • There are 4 different types of stake. The main types are:

                (a) percentage of total paid‑up share capital; and
                (b) percentage of voting power.

         • The ownership restrictions will be breached if any type of stake goes over the relevant limit.
         • Stake and other technical expressions used in this Part are defined by the Schedule.
         • The central management and control of an airport‑operator company must be exercised at a place in Australia.
         • A majority of the directors of an airport‑operator company must be Australian citizens and/or Australian residents.
         • The regulations may require records to be kept, and information to be given, for purposes relating to the ownership restrictions.

Division 2—Definitions in Schedule