Airports Act 1996

This clause applies if:

a foreign person holds a particular type of direct control interest in a company (the designated holding company); and

the designated holding company holds the same type of direct control interest in a particular airport‑operator company (the eligible airport‑operator company); and

if the eligible airport‑operator company is the airport‑lessee company for Sydney (Kingsford‑Smith) Airport or the airport‑lessee company for Sydney West Airport—the designated holding company is operated solely for:

the purpose of holding direct control interests in the airport‑lessee company for Sydney (Kingsford‑Smith) Airport and the airport‑lessee company for Sydney West Airport; and

such other purposes (if any) as are prescribed; and

if the eligible airport‑operator company is neither the airport‑lessee company for Sydney (Kingsford‑Smith) Airport nor the airport‑lessee company for Sydney West Airport—the designated holding company is operated solely for the purpose of holding direct control interests in one or more airport‑operator companies; and

the designated holding company is incorporated, or taken to be incorporated, under the Corporations Act 2001; and

the designated holding company has a share capital.

In determining, for the purposes of section 40, whether there is a group of foreign persons who hold, in total, that type of stake in the eligible airport‑operator company of more than 49%:

the stake of that type that the foreign person holds in the eligible airport‑operator company is to be calculated on the basis that the designated holding company is taken not to be an associate of the foreign person; and

the designated holding company is taken not to be a foreign person.

Subclause 12(5) is to be disregarded for the purposes of subclause (1) of this clause.

Subclause 12(5) deals with deemed direct control interests.