No. 22, 2011
An Act relating to certain companies associated with the national broadband network, and for other purposes
Contents
1............ Short title............................................................................................. 2
2............ Commencement................................................................................... 2
3............ Objects................................................................................................ 3
4............ Simplified outline................................................................................ 4
5............ Definitions.......................................................................................... 6
6............ Crown to be bound........................................................................... 12
7............ Extension to external Territories........................................................ 12
Part 2--Operations of NBN corporations 13
Division 1--Simplified outline 13
8............ Simplified outline.............................................................................. 13
Division 2--Rules about operations of NBN corporations 15
Subdivision A--Supply of eligible services to be on wholesale basis 15
9............ Supply of eligible services to be on wholesale basis......................... 15
10.......... Exemption--transport authorities...................................................... 15
11.......... Exemption--electricity supply bodies............................................... 16
12.......... Exemption--gas supply bodies......................................................... 17
13.......... Exemption--water supply bodies..................................................... 17
14.......... Exemption--sewerage services bodies............................................. 17
15.......... Exemption--storm water drainage services bodies........................... 18
16.......... Exemption--State or Territory road authorities................................. 18
Subdivision B--Supply of other goods and services 19
17.......... Content services not to be supplied................................................... 19
18.......... Non-communications services not to be supplied............................. 19
19.......... Non-communications goods not to be supplied................................ 19
Subdivision C--Investment activities 19
20.......... Restriction of investment activities.................................................... 19
Subdivision D--Transitional 20
21.......... Transitional--pre-commencement contractual obligations................ 20
22.......... Transitional--pre-acquisition contractual obligations........................ 21
Division 3--Functional separation of NBN corporations 22
23.......... Contents of draft or final functional separation undertaking.............. 22
24.......... Functional separation principles........................................................ 22
25.......... Functional separation requirements determination............................. 23
26.......... Draft functional separation undertaking to be given to the Communications Minister and the Finance Minister 23
27.......... Approval of draft functional separation undertaking by the Communications Minister and the Finance Minister 24
28.......... Time limit for making an approval decision...................................... 27
29.......... Effect of approval.............................................................................. 27
30.......... Variation of final functional separation undertaking.......................... 27
31.......... Publication of final functional separation undertaking....................... 30
32.......... Compliance with final functional separation undertaking.................. 30
Division 4--Divestiture of assets by NBN corporations 31
33.......... Directions about disposal of assets................................................... 31
34.......... Directions about transfer of assets to another NBN corporation....... 32
35.......... Advice from ACCC about disposal or transfer directions................. 33
36.......... Exemption from stamp duty--transfer in compliance with transfer direction 34
Division 5--Carrier licence conditions etc. 35
37.......... Carrier licence condition.................................................................... 35
38.......... Service provider rule......................................................................... 35
39.......... Power to declare carrier licence conditions not limited...................... 35
40.......... Power to determine service provider rules not limited....................... 35
Division 6--Special carrier licence conditions 36
41.......... Conditions about supply of carriage services by NBN corporations. 36
42.......... Consultation with ACCC.................................................................. 37
Part 3--Ownership and control of NBN Co 38
Division 1--Simplified outline 38
43.......... Simplified outline.............................................................................. 38
Division 2--Commonwealth ownership and control of NBN Co 39
Subdivision A--Commonwealth ownership provisions 39
44.......... Commonwealth ownership provisions.............................................. 39
45.......... Commonwealth to retain ownership of NBN Co.............................. 39
46.......... Compliance by NBN Co................................................................... 39
Subdivision B--Termination of Commonwealth ownership provisions 40
47.......... Object of this Subdivision................................................................. 40
48.......... Declaration by Communications Minister--whether national broadband network should be treated as built and fully operational......................................................................................... 40
49.......... Productivity Commission inquiry..................................................... 42
50.......... Declaration by Finance Minister--whether conditions suitable for an NBN Co sale scheme 45
51.......... Termination of Commonwealth ownership provisions..................... 46
Subdivision C--Sale by the Commonwealth of its shares in NBN Co 47
52.......... Simplified outline.............................................................................. 47
53.......... When NBN Co sale scheme may be entered into and carried out...... 47
54.......... NBN Co sale scheme........................................................................ 47
55.......... Sale-scheme hybrid securities........................................................... 50
56.......... Exemption from stamp duty--transfer by the Commonwealth of its shares in NBN Co etc. 51
57.......... Authorisation of borrowing--issue of sale-scheme hybrid securities 53
58.......... Appropriation--costs incurred in connection with an NBN Co sale scheme 53
59.......... Assistance given by NBN Co or the Board in connection with an NBN Co sale scheme 54
60.......... Giving of assistance--ancillary provisions....................................... 55
61.......... Reimbursement of expenses incurred in giving assistance................ 56
62.......... Commonwealth to be bound by Chapters 6CA, 6D and 7 of the Corporations Act 2001 57
63.......... Reduction of NBN Co's share capital............................................... 58
64.......... Alterations of NBN Co's constitution--notice to debenture holders 59
65.......... Alteration of NBN Co's constitution--Ministerial instrument.......... 59
66.......... Use by the Commonwealth of information obtained from NBN Co or the Board 60
67.......... Agreements relating to the protection of information obtained from NBN Co or the Board 62
68.......... NBN Co's obligations to disclose information................................. 62
Division 3--Private ownership and control of NBN Co 63
69.......... Unacceptable private ownership or control situation......................... 63
70.......... Prohibition of unacceptable private ownership or control situation... 63
71.......... Remedial orders................................................................................ 63
72.......... Record-keeping and giving of information........................................ 64
73.......... Validity of acts done in contravention of this Division..................... 66
74.......... Acquisition of property..................................................................... 66
Division 4--General provisions 67
75.......... Interest in a share.............................................................................. 67
76.......... Extra-territorial application................................................................ 68
Part 4--NBN Co's reporting obligations 69
77.......... Simplified outline.............................................................................. 69
78.......... Application of this Part..................................................................... 69
79.......... Financial statements.......................................................................... 69
80.......... Communications Minister and the Finance Minister to be notified of significant events 70
81.......... Keeping the Communications Minister and the Finance Minister informed 71
82.......... Corporate plan for NBN Co.............................................................. 71
83.......... Consequences of contraventions of this Part..................................... 73
84.......... This Part has effect despite the Corporations Act 2001 etc............... 73
85.......... When this Part ceases to have effect.................................................. 73
Part 5--Anti-avoidance 75
86.......... Anti-avoidance.................................................................................. 75
Part 6--Injunctions 76
87.......... Simplified outline.............................................................................. 76
88.......... Injunctions........................................................................................ 76
89.......... Interim injunctions............................................................................ 76
90.......... Discharge etc. of injunctions............................................................. 77
91.......... Certain limits on granting injunctions not to apply............................ 77
92.......... Other powers of the Federal Court unaffected.................................. 78
Part 7--Miscellaneous 79
93.......... Severability....................................................................................... 79
94.......... Promotion of the long-term interests of end-users of carriage services and of services supplied by means of carriage services............................................................................................. 79
95.......... NBN Co is not a public authority...................................................... 80
96.......... Public Works Committee Act............................................................ 80
97.......... Winding-up of NBN corporation not prevented by this Act............. 80
98.......... Rights of NBN corporation's shareholders, debenture holders and creditors to be subject to this Act 80
98A....... Exemption from stamp duty--matters related to the creation, development or operation of the national broadband network............................................................................................. 80
99.......... Delegation......................................................................................... 84
100........ Compensation for acquisition of property......................................... 85
100A..... Review of operation of the Freedom of Information Act 1982 so far as that Act relates to documents of NBN Co 86
101........ Regulations....................................................................................... 86
Schedule 1--NBN corporations 87
1............ NBN corporations............................................................................. 87
2............ Control of a company........................................................................ 87
3............ Associate........................................................................................... 88
Schedule 2--Parliamentary Joint Committee on the Ownership of NBN Co 89
1............ Parliamentary Joint Committee on the Ownership of NBN Co......... 89
2............ Powers and proceedings of the Parliamentary Joint Committee........ 91
3............ Duties of the Parliamentary Joint Committee.................................... 91
4............ Winding up of the Parliamentary Joint Committee............................ 91
National Broadband Network Companies Act 2011
No. 22, 2011
An Act relating to certain companies associated with the national broadband network, and for other purposes
[Assented to 12 April 2011]
The Parliament of Australia enacts:
[Minister's second reading speech made in--
House of Representatives on 25 November 2010
Senate on 2 March 2011]
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