Document ID: chunk:federal_register_of_legislation:C2004A05165:clause:1_33ka
Version: federal_register_of_legislation:C2004A05165
Segment Type: clause
Provision Reference: sch 1 cl 33KA
Character Range: 19183–21589

33KA  Special provisions relating to shares in the Australian Submarine Corporation

 (1) If an AIDC body is the holder of legal or beneficial interests in shares in the Australian Submarine Corporation, the Minister for Finance must:
 (a) make such a declaration under section 33K as will result in the Australian Industry Development Corporation becoming the holder of those interests before 1 September 1997; or
 (b) make such a series of successive declarations under section 33K as will result in the Australian Industry Development Corporation ultimately becoming the holder of those interests before 1 September 1997 as a consequence of one or more interposed transfers to other AIDC bodies.

 (2) If the Australian Industry Development Corporation becomes the holder of those interests as a result of the declaration or any of those declarations, this Act does not prevent those interests from being subsequently sold or transferred.

 (3) If the Australian Industry Development Corporation becomes the holder of those interests as a result of the declaration or any of those declarations, the Australian Industry Development Corporation must not subsequently sell or transfer those interests to a foreign person (within the meaning of the Foreign Acquisitions and Takeovers Act 1975) unless:
 (a) immediately before the commencement of this section, the foreign person had an entitlement to acquire those interests; and
 (b) immediately before the commencement of this section, the foreign person was a registered shareholder in the Australian Submarine Corporation; and
 (c) that entitlement:
 (i) arises out of a shareholders' agreement; or
 (ii) relates, directly or indirectly, to the foreign person's capacity as a registered shareholder in the Australian Submarine Corporation; and
 (d) the sale or transfer:
 (i) gives effect to that entitlement; or
 (ii) would have given effect to that entitlement if it were assumed that AIDC bodies and the Australian Industry Development Corporation were the same entity.

 (4) For the purposes of this section, a person is entitled to acquire any thing if the person is absolutely or contingently entitled to acquire it, whether because of any constituent document of a company, the exercise of any right or option or for any other reason.

 (5) In this section:

Australian Submarine Corporation means Australian Submarine Corporation Pty Limited.