Document ID: chunk:federal_register_of_legislation:C2024C00680:section:11
Version: federal_register_of_legislation:C2024C00680
Segment Type: section
Provision Reference: s 11
Character Range: 33010–34989

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

         • Airport leases are subject to the following key rules:

                (a) the lessee must be a company;
                (b) the term of the lease must not be longer than 50 years (with or without an option to renew for up to 49 years);
                (c) the lease must provide for access by interstate and/or international air transport;
                (d) a company can only lease one airport.

         • The airport‑lessee companies for Sydney (Kingsford‑Smith) Airport and Sydney West Airport may be wholly‑owned subsidiaries of the same company.
         • Airport leases can only be transferred with the Minister's approval.
         • The beneficial and legal interests in an airport lease cannot be separated except in the case of the enforcement of a loan security.
         • If a lender acquires a lease, or enters into possession of an airport site, by way of the enforcement of a loan security, the lender must:

                (a) notify the Minister; and
                (b) transfer the lease to another company.

         • An airport‑lessee company has a statutory obligation to use the airport site as an airport.
         • An airport‑lessee company's sole business will be to run the airport.
         • An airport‑lessee company can contract out the management of the airport to another company. The other company is called an airport‑management company. An airport‑management company must be approved by the Minister.
         • The regulations may prohibit certain subleases and licences relating to airport sites.
         • The regulations may deal with the terms of subleases and licences relating to airport sites.
         • The regulations may provide that the beneficial and legal interests in subleases and licences relating to airport sites cannot be separated except in the case of the enforcement of a loan security.

Division 2—Scope of Part