TELSTRA CORPORATION ACT 1991 - SECT 42 Regulations
TELSTRA CORPORATION ACT 1991 - SECT 42
RegulationsThe Governor - General may make regulations, not inconsistent with this Act, prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.
• The Commonwealth may sell its remaining equity interest in Telstra.
• This Part sets out rules about how that sale is to be carried out.
• A Telstra successor company is subject to the following ownership restrictions:
(a) a limit on total foreign ownership;
(b) a limit on individual foreign ownership.
• The regulations may require information to be given for purposes relating to those limits.
• A Telstra successor company's head office, base of operations and place of incorporation are to remain in Australia.
• A Telstra successor company's Chairperson, and a majority of
a Telstra successor company's directors, must be Australian citizens.