•   Airport leases are subject to the following key rules:

  (a)   the lessee must be a company;

  (b)   the term of the lease must not be longer than 50   years (with or without an option to renew for up to 49 years);

  (c)   the lease must provide for access by interstate and/or international air transport;

  (d)   a company can only lease one airport.

•   The airport - lessee companies for Sydney (Kingsford - Smith) Airport and Sydney West Airport may be wholly - owned subsidiaries of the same company.

•   Airport leases can only be transferred with the Minister's approval.

•   The beneficial and legal interests in an airport lease cannot be separated except in the case of the enforcement of a loan security.

•   If a lender acquires a lease, or enters into possession of an airport site, by way of the enforcement of a loan security, the lender must:

  (a)   notify the Minister; and

  (b)   transfer the lease to another company.

•   An airport - lessee company has a statutory obligation to use the airport site as an airport.

•   An airport - lessee company's sole business will be to run the airport.

•   An airport - lessee company can contract out the management of the airport to another company. The other company is called an airport - management company . An airport - management company must be approved by the Minister.

•   The regulations may prohibit certain subleases and licences relating to airport sites .

•   The regulations may deal with the terms of subleases and licences relating to airport sites.

•   The regulations may provide that the beneficial and legal interests in subleases and licences relating to airport sites cannot be separated except in the case of the enforcement of a loan security.