Document ID: chunk:federal_register_of_legislation:C2024C00680:section:56
Version: federal_register_of_legislation:C2024C00680
Segment Type: section
Provision Reference: s 56
Character Range: 80708–82656

56  Requirement to relinquish practical control or reduce stake
 (1) If a person:
 (a) has practical control of a particular airport‑operator company (the first company); and
 (b) the first company is a member of a pair of airport‑operator companies; and
 (c) either of the following subparagraphs applies to the other member of the pair:
 (i) the person has practical control of the other member;
 (ii) the person has a particular type of stake in the other member of more than 15%;
the person must take such steps as are necessary to ensure that there is at least one member of the pair where both of the following paragraphs apply:
 (d) both:
 (i) the directors of the company are not accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (either alone or together with associates); and
 (ii) the person (either alone or together with associates) is not in a position to exercise control over the company;
 (e) either:
 (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 person must take those steps:
 (f) within 90 days after receiving the copy of the most recent declaration under section 55 relating to the practical control of the first company or the other member of the pair; or
 (g) if the Minister, by written notice given to the person, allows a longer period for compliance—before the end of that longer period.
Note: Practical control has the meaning given by section 55.
 (2) A person commits an offence if:
 (a) the person is required to take steps under subsection (1); and
 (b) the person engages in conduct; and
 (c) the person's conduct contravenes the requirement.
Penalty: 400 penalty units.
 (3) Strict liability applies to paragraph (2)(a).
Note: For strict liability, see section 6.1 of the Criminal Code.