TELSTRA CORPORATION ACT 1991 - SECT 8BG Meaning of unacceptable foreign - ownership situation

TELSTRA CORPORATION ACT 1991 - SECT 8BG

    For the purposes of this Act, an unacceptable foreign - ownership situation exists in relation to a Telstra successor company if:

  (a)   there is a group of foreign persons who hold, in total, a particular type of stake in the Telstra successor company of more than 35%; or

  (b)   there is or are one or more foreign persons each of whom holds a particular type of stake in the Telstra successor company of more than 5%.

Note 1:   A person's stake is calculated on the assumption that the only shares in a Telstra successor company are shares held by persons other than the Commonwealth--see clause   12 of the Schedule.

Note 2:   A person's stake includes the interests of the person's associates--see the Schedule.