TELSTRA CORPORATION ACT 1991 - SECT 8AYB Telstra to give information to the Minister about the level of non - Commonwealth ownership of shares in Telstra
TELSTRA CORPORATION ACT 1991 - SECT 8AYB
Telstra to give information to the Minister about the level of non - Commonwealth ownership of shares in Telstra(1) The Minister may, by written notice given to Telstra, direct Telstra to give to the Minister, within the period specified in the notice, specified information that is relevant to determining either or both of the following:
(a) whether or not a particular day is the first day after the commencement of this section on which a majority of the voting shares in Telstra are held by a person, or persons, other than the Commonwealth;
(b) whether or not a particular day is the first day after the commencement of this section on which 85% of the voting shares in Telstra are held by a person, or persons, other than the Commonwealth.
(2) Telstra must comply with a direction under subsection (1).
(3) A breach of this section is not an offence. However, a breach of this section is a ground for obtaining an injunction under Division 1 of Part 2B.
(4) For the purposes of this section, if a share in Telstra is an investment of the Future Fund, the share is taken to be held by a person other than the Commonwealth.
Securities lending arrangements
(5) For the purposes of this section, if, under an agreement of the kind known as a securities lending arrangement:
(a) at a particular time (the disposal time ), the Commonwealth disposed of a share in Telstra (the borrowed share ) to another person (the borrower ); and
(b) the Commonwealth may come under an obligation to:
(i) re - acquire the borrowed share from the borrower at a later time; or
(ii) acquire an identical share from the borrower at a later time;
the borrowed share is taken to be held by the Commonwealth during the period:
(c) beginning at the disposal time; and
(d) ending when the obligation mentioned in paragraph (b) is discharged or can no longer arise.
(6) A direction under subsection (1) is not a legislative instrument.
"the Commonwealth" includes a category A hybrid - security issuer company.