(1)

If, in the opinion of the Minister, a particular day is the first day after the commencement of Part 1 of Schedule 1 on which 85% of the voting shares in Telstra are held by a person, or persons, other than the Commonwealth, the Minister must, by written instrument, declare the day to be the 85% sale day for Telstra.

(2)

The declaration has effect accordingly.

Future Fund and Communications Fund

(3)

For the purposes of this section, if a share in Telstra is an investment of the Future Fund or the Communications Fund, the share is taken to be held by a person other than the Commonwealth.

Securities lending arrangements

(4)

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 Telstra (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.

Declaration

(5)

The declaration under subsection (1) is a legislative instrument for the purposes of the Legislative Instruments Act 2003 , but section 42 of that Act does not apply to the declaration.

(6)

The 85% sale day may be earlier than the day on which the declaration under subsection (1) is registered under the Legislative Instruments Act 2003 .

Definitions

(7)

In this section: