Entitlements held by 2 or more co-holders
23 Entitlements held by 2 or more co-holders
Two or more co-holders of a replacement access licence are taken to hold the access licence—
if the Minister has a record of the shares in which the former entitlement was held immediately before the appointed day, in the same shares as the former entitlement was so held, or
if the Minister has no such record, but within 2 months after sending a written request to the co-holders seeking information as to their shareholding the Director-General receives—
a notice, signed by or on behalf of each of them, by which they agree as to the shares in which they hold the access licence, or
a notice, signed by any one of them, to the effect that legal proceedings have been commenced for the purpose of obtaining a declaration as to the shares in which they hold the access licence,
in the agreed shares referred to in the notice under subparagraph (i), or in the shares determined pursuant to the legal proceedings referred to in the notice under subparagraph (ii), as the case may be, or
in any other case, as tenants in common with the entitlements conferred by the licence under section 56 apportioned equally between them.
This Act’s bill:Explanatory memorandumSecond reading speech
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