Document ID: chunk:federal_register_of_legislation:C2024C00742:section:577aa:p1
Version: federal_register_of_legislation:C2024C00742
Segment Type: section
Provision Reference: s 577AA (pt 1/2)
Character Range: 1217838–1220507

577AA  Acceptance of undertaking about structural separation may be subject to the occurrence of events
 (1) If:
 (a) Telstra has, in a document accompanying an undertaking under section 577A, nominated one or more events; and
 (b) the nomination is expressed to be a nomination under this subsection; and
 (c) each of those events is:
 (i) the passage of a resolution covered by subparagraph 411(4)(a)(ii) of the Corporations Act 2001; or
 (ii) an approval covered by paragraph 411(4)(b) of that Act; or
 (iii) the passage of a resolution, where Telstra's members (within the meaning of that Act) were entitled to vote on the resolution; or
 (iv) an approval covered by Chapter 11 of the ASX Listing Rules; or
 (v) the granting of a waiver under rule 18.1 of the ASX Listing Rules; or
 (vi) the approval of a draft migration plan by the ACCC under section 577BDA or 577BDC; or
 (vii) the making of a declaration under subsection 577J(3); or
 (viii) the making of a declaration under subsection 577J(5); or
 (ix) an event specified in an instrument in force under subsection (3); and
 (d) the ACCC decides to accept the undertaking;
the decision to accept the undertaking must be expressed to be subject to the occurrence of those events within a specified period after the undertaking is accepted.
 (2) A nomination under subsection (1) must not specify an event by reference to the timing of the event.
 (3) The Minister may, by writing, specify events for the purposes of subparagraph (1)(c)(ix).
 (4) A period specified by the ACCC under subsection (1) must be:
 (a) 6 months; or
 (b) if another period is specified in an instrument under subsection (5)—that period.
 (5) The Minister may, by writing, specify a period for the purposes of paragraph (4)(b).

Notification requirement
 (6) If:
 (a) a decision to accept an undertaking under section 577A is expressed to be subject to the occurrence of one or more specified events within a specified period; and
 (b) such an event occurs within that period;
Telstra must notify the ACCC in writing of the occurrence of the event as soon as practicable after the occurrence.
 (6A) Subsection (6) does not apply to an event mentioned in subparagraph (1)(c)(vi).

If event does not occur
 (7) If:
 (a) a decision to accept an undertaking under section 577A is expressed to be subject to the occurrence of a single specified event within a specified period; and
 (b) the event does not occur within that period;
this Act (other than subclause 76(4) of Schedule 1) has effect as if the undertaking had never been accepted by the ACCC.
 (8) If:
 (a) a decision to accept an undertaking under section 577A is expressed to be