Document ID: chunk:federal_register_of_legislation:F2024C00969:reg:24:p2
Version: federal_register_of_legislation:F2024C00969
Segment Type: reg
Provision Reference: reg 24 (pt 2/2)
Character Range: 35242–37106

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 paragraph (5)(a).

Interest‑holder must notify Minister if ceases to be willing or able to comply with conditions
 (7) If a declaration by the Minister under subsection (4) is in force in relation to an interest‑holder, and the interest‑holder ceases to be willing or able to comply with the undertaking given under paragraph (5)(a), the interest‑holder must advise the Minister in writing of that fact within 7 days after ceasing to be willing or able to comply.

Prescribed interest to be disregarded for limited purpose
 (8) Despite subsection (1), a prescribed interest held by the interest‑holder, or by an associate of the interest‑holder, is disregarded only for the purposes of determining whether an unacceptable cross‑ownership situation is created by the acquisition of a stake in the airport‑operator company for Sydney (Kingsford‑Smith) Airport in relation to which the undertaking under paragraph (5)(a) is given.

When declaration ceases to have effect
 (9) A declaration under this section ceases to have effect at the end of 12 months after the interest‑holder acquires a stake in the airport‑operator company for Sydney (Kingsford‑Smith) Airport, unless it is revoked earlier.

Notice of refusal decision to be given
 (10) The Minister must, within 7 days of deciding to refuse to make a declaration, give the applicant written notice stating:
 (a) the reasons for the decision; and
 (b) the interest‑holder's right to have the decision reviewed by the Administrative Review Tribunal.
Note: See section 28 for review of decisions.

Part 4—Revocation of declarations