Simplified outline
38 Simplified outline
The following is a simplified outline of this Part:
• Airport‑operator companies are subject to the following ownership restrictions:
a 49% limit on foreign ownership;
a 5% limit on airline ownership for certain airports;
a 15% limit on cross‑ownership for Sydney (Kingsford‑Smith)/Melbourne, Sydney (Kingsford‑Smith)/Brisbane and Sydney (Kingsford‑Smith)/Perth airports.
• Those limits relate to a person’s stake in a company.
• A person’s stake includes the interests of the person’s associates.
• There are 4 different types of stake. The main types are:
percentage of total paid‑up share capital; and
percentage of voting power.
• The ownership restrictions will be breached if any type of stake goes over the relevant limit.
• Stake and other technical expressions used in this Part are defined by the Schedule.
• The central management and control of an airport‑operator company must be exercised at a place in Australia.
• A majority of the directors of an airport‑operator company must be Australian citizens and/or Australian residents.
• The regulations may require records to be kept, and information to be given, for purposes relating to the ownership restrictions.
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