Document ID: chunk:federal_register_of_legislation:C2008C00330:clause:1_102c:p2
Version: federal_register_of_legislation:C2008C00330
Segment Type: clause
Provision Reference: sch 1 cl 102C (pt 2/2)
Character Range: 90912–93147

broadcasting 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:
 (i) published on the ACMA's Internet site; and
 (ii) open for a period of at least 120 days beginning on or after the commencement of this section; 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 Internet site 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.

Fee

 (8) A fee determined under paragraph (2)(b) must not be such as to amount to taxation.