Document ID: chunk:federal_register_of_legislation:C2024C00680:section:55
Version: federal_register_of_legislation:C2024C00680
Segment Type: section
Provision Reference: s 55
Character Range: 79240–80708

55  Minister may declare person to have practical control of an airport‑operator company

Declaration
 (1) If:
 (a) the Minister is satisfied that:
 (i) the directors of an airport‑operator company are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person (either alone or together with associates); or
 (ii) a person (either alone or together with associates) is in a position to exercise control over an airport‑operator company; and
 (b) the Minister is satisfied that:
 (i) the person does not have any type of stake in the company; or
 (ii) if the person has one or more types of stake in the company—each of those stakes is not more than 15%;
the Minister may declare that the person has practical control of the airport‑operator company for the purposes of this Act.

Declaration has effect
 (2) A declaration under this section has effect accordingly.

Revocation of declaration
 (3) If:
 (a) a declaration is in force under this section; and
 (b) the Minister ceases to be satisfied of the matters referred to in paragraphs (1)(a) and (b);
the Minister must revoke the declaration.

Gazettal and notification of declaration
 (4) If a declaration under this section is made or revoked, the Minister must arrange for a copy of the declaration or revocation:
 (a) to be published in the Gazette; and
 (b) to be given to the airport‑operator company and the person concerned.