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BROADCASTING AMENDMENT ACT (No. 2) 1990 No. 7 of 1991 - SECT 23
Changes in ownership of shares etc.
23. Section 90J of the Principal Act is amended:
(a) by omitting subsections (3) to (7C) (inclusive) and substituting the
following subsections: (Party to proposed transaction acquiring
interests may apply for prior approval)
"(3) A person who is a prescribed party to a proposed transaction because of
paragraph (1) (a) may lodge with the Tribunal an application for approval of
the transaction in so far as it affects the person. (Certain persons acquiring
interests must apply for approval)
"(4) A person to whom this section applies in relation to a transaction
because of paragraph (1) (a), not being a person who lodged an application
about it under subsection (3), must lodge with the Tribunal an application for
approval of the transaction in so far as it affects the person. (Applications
under subsection (4))
"(5) An application under subsection (4):
(a) must be lodged within 28 days after the day on which the transaction
took place; and
(b) where the person to whom the application relates is not a party to the
transaction - may be lodged on the person's behalf by a party to the
transaction. (Party to proposed transaction increasing interests may
apply for prior approval)
"(6) A person who is a prescribed party to a proposed transaction because of
paragraph (1) (b) or (c) may lodge with the Tribunal an application for
approval of the transaction in so far as it affects the party. (Party to
transaction increasing interests must give notice)
"(7) A person who is a prescribed party to a transaction because of paragraph
(1) (b) or (c), not being a person who lodged an application about it under
subsection (6), must lodge with the Tribunal a notice of the transaction
within 7 days after the day on which the transaction took place. (Non-party to
transaction having interests increased must give notice)
"(7A) Subject to subsection (7B), a person to whom this section applies in
relation to a transaction because of paragraph (1) (b) or (c) who is not a
party to it must lodge with the Tribunal a notice of the transaction.
(Non-application of subsection (7A))
"(7B) Subsection (7A) does not apply to a transaction where a party to it:
(a) has lodged an application under subsection (3) or (6); or
(b) is required to lodge an application under subsection (4) or a notice
under subsection (7); about the transaction. (Notices under subsection
(7A))
"(7C) A notice under subsection (7A) by a person about a transaction:
(a) must be lodged within 28 days after the day on which the transaction
took place; and
(b) may be lodged on the person's behalf by a party to the transaction.
(Tribunal may direct application for approval)
"(7CA) Where:
(a) an application or notice under this section (whether as in force
before or after the commencement of this subsection) about a
transaction is lodged; and
(b) the Tribunal is satisfied that:
(i) because of the transaction, a person to whom this section applies in
relation to the transaction because of paragraph (1) (b) or (c) is, or
is reasonably likely to be, in a position because of section 89JA to
exercise control of the company holding the licence to which the
transaction relates; or
(ii) because of the effect of the transaction in relation to a person, a
condition to which the licence is subject because of section 90G might
not be complied with; the Tribunal may, within 3 months after the day
on which:
(c) where all the applications and notices about the transaction were
under subsection (3) or (6) - the transaction took place; or
(d) in any other case - the last application or notice about the
transaction, other than an application under this subsection, was
lodged; direct the person to lodge with it, within 28 days after the
day on which the direction is given, an application for approval of
the transaction in so far as it affects the person, and the person
must comply with the direction. (Applications)
"(7CB) An application under this section must be in a form approved by the
Tribunal. (Contents of notices under subsection (7) or (7A))
"(7CC) A notice under subsection (7) or (7A) about a transaction must give:
(a) the name of the person lodging the notice and, where the notice is
lodged on behalf of another person, the name of that other person; and
(b) the call sign of the licence affected by the transaction; and
(c) the name of the company to which the transaction relates; and
(d) the number of shares in the company that were concerned in the
transaction; and
(e) a full description of the voting rights attached to those shares; and
(f) the date of the transaction; and
(g) the name of the party to the transaction acquiring interests; and
(h) the name of the company's holding company (within the meaning of
section 90LA), if any; and
(j) the last date, if any, on which the person required to lodge the
notice lodged, or had lodged on the person's behalf, an application or
earlier notice under this section (whether before or after the
commencement of this paragraph); and
(k) where a date is given under paragraph (j):
(i) particulars of any changes since the date in the issued capital of the
company to which the transaction relates and, where another company is
required to lodge the notice, the other company, including changes in
the value or voting rights of shares; and
(ii) in the case of a company required to lodge the notice - particulars of
the number and classes of shares in the company held by the persons
with the 5 largest shareholdings in the company; and
(iii) in the case of a company required to lodge the notice - particulars
of any changes since the date of the directors of, or of directorships
held by directors of, the company; and
(iv) notice of any change because of which the person required to lodge the
notice has become, or ceased to be, a foreign person. (Extension of
periods for lodging)
"(7CD) Where a person is required to lodge an application or notice under this
section within a period, the Tribunal may, on the application of a person,
extend the period. (Incorrect applications and notices not lodged)
"(7CE) An application or notice is to be taken not to be lodged under this
section if it contains a statement (not being a statement as to future events)
that:
(a) is false or misleading in a material particular; or
(b) is misleading in a material respect because of the omission of any
matter or thing. (Applications or notices may be combined)
"(7CF) Where 2 or more applications under subsection (4), or 2 or more notices
under subsection (7A), about a transaction are lodged by the same person, they
may be combined in one document, but subsection (7ce) and the other provisions
of this Act apply in relation to the applications or notices as if they had
not been combined.";
(b) by omitting from subsection (7D) "given to or" (wherever occurring);
(c) by omitting from subsection (7D) "subsection (3) or (7A)" and
substituting "this section";
(d) by omitting subsection (7E);
(e) by omitting from subsection (7F) "(7A)" and substituting "(4), (7),
(7A) or (7CA)";
(f) by omitting subsection (7G);
(g) by omitting subsection (10).
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