Document ID: chunk:federal_register_of_legislation:C2024C00823:section:102c:p2
Version: federal_register_of_legislation:C2024C00823
Segment Type: section
Provision Reference: s 102C (pt 2/3)
Character Range: 189797–192606

licensees and the digital community radio broadcasting representative company; and
 (v) assuming that the invitation were to be accepted by each invitee—the incumbent digital commercial radio broadcasting licensees would, in aggregate, hold seven‑ninths of the shares in the first‑mentioned company; and
 (vi) assuming that the invitation were to be accepted by each invitee—the digital community radio broadcasting representative company would hold two‑ninths of the shares in the first‑mentioned company; and
 (b) in a case where not all of the invitations referred to in paragraph (a) were accepted—before the company was formed, the promoters of the first‑mentioned company invited each person who had accepted an invitation referred to in paragraph (a) to subscribe for the remaining shares in the first‑mentioned company; and
 (c) the invitations referred to in paragraph (a) were published on the ACMA's website; and
 (ca) the invitations referred to in paragraph (a) were open for whichever of the following periods is applicable:
 (i) a period of at least 80 days;
 (ii) if all the invitees responded to the invitations within the period mentioned in subparagraph (i)—the period that began at the start of the period mentioned in subparagraph (i) and ended on the last occasion on which the promoters received such a response; and
 (d) there was no discrimination between subscribers for shares in the first‑mentioned company in relation to the consideration payable for the issue of the shares concerned; and
 (e) the total amount of money payable as consideration for the issue of the shares in the first‑mentioned company is not substantially in excess of the total amount that, as at the time the invitations referred to in paragraph (a) are published, would be required for the commercially viable operation of the first‑mentioned company if it were assumed that a foundation category 1 digital radio multiplex transmitter licence had been issued to the first‑mentioned company at that time; and
 (f) none of the recipients of an invitation referred to in paragraph (a) or (b) were subject to duress as to whether the invitation should be accepted.
 (6) The promoters of a company may request the ACMA to publish on its website the invitations referred to in paragraph (5)(a).
 (7) The ACMA must comply with a request under subsection (6) if the ACMA is satisfied that the request was made in good faith.

Copies of responses to invitations to subscribe for shares
 (7A) If:
 (a) an application is made for a foundation category 1 digital radio multiplex transmitter licence for a particular designated BSA radio area; and
 (b) the applicant is an eligible joint venture company;
the ACMA may, by written notice given to the applicant, require the applicant to:
 (c) give the ACMA a copy of each