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TELSTRA CORPORATION ACT 1991 - SECT 42 Regulations

TELSTRA CORPORATION ACT 1991 - SECT 42

Regulations

    The 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.