Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Part (other than this section) ceases to have effect at the end of the majority interest sale day for NBN Co.
Majority interest sale day
(2) If, in the opinion of the Communications Minister, a particular day is the first day on which a majority of the voting shares in NBN Co are held by a person, or persons, other than the Commonwealth, the Communications Minister must, by written instrument, declare the day to be the majority interest sale day for NBN Co.
(3) The declaration under subsection (2) is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to the declaration.
(4) The majority interest sale day for NBN Co may be earlier than the day on which the declaration under subsection (2) is registered under the Legislation Act 2003 .
(4A) Subsection 12(2) of the Legislation Act 2003 (retrospective application of legislative instruments) does not apply to the declaration under subsection (2) of this section.
Securities lending arrangements
(5) For the purposes of this section, if, under an agreement of the kind known as a securities lending arrangement:
(a) at a particular time (the disposal time ), the Commonwealth disposed of a share in NBN Co (the borrowed share ) to another person (the borrower ); and
(b) the Commonwealth may come under an obligation to:
(i) re - acquire the borrowed share from the borrower at a later time; or
(ii) acquire an identical share from the borrower at a later time;
the borrowed share is taken to be held by the Commonwealth during the period:
(c) beginning at the disposal time; and
(d) ending when the obligation mentioned in paragraph (b) is discharged or can no longer arise.
Hybrid - security issuer company
(6) For the purposes of this section, the Commonwealth includes a hybrid - security issuer company specified in a written declaration made by the Finance Minister under this subsection.
(7) A declaration under subsection (6) is not a legislative instrument.