Document ID: chunk:federal_register_of_legislation:C2004A05097:clause:1_8ab
Version: federal_register_of_legislation:C2004A05097
Segment Type: clause
Provision Reference: sch 1 cl 8AB
Character Range: 15505–16606

8AB  Commonwealth to retain majority ownership of Telstra

 (1) The Commonwealth must not transfer any of its shares in Telstra if the transfer results in a breach of subsection (2).

 (2) Neither the Commonwealth nor Telstra is allowed to do anything to cause or contribute to any of the following results:
 (a) that the Commonwealth no longer holds shares in Telstra that carry the rights to exercise at least two-thirds of the total voting rights attached to the voting shares in Telstra;
 (b) that the Commonwealth no longer controls the exercise of at least two-thirds of the total voting rights attached to the voting shares in Telstra;
 (c) that the Commonwealth no longer holds at least two-thirds of the total paid-up share capital of Telstra;
 (d) that the Commonwealth is no longer entitled to hold at least two-thirds of the total rights to any distribution of capital or profits of Telstra on winding-up;
 (e) that the Commonwealth is no longer entitled to hold at least two-thirds of the total rights to any distribution of capital or profits of Telstra, otherwise than on winding-up.