Clause 11

in subsection (3), replace “a 30% controller” with “a 25% controller, a 30% controller, a 50% controller, a 75% controller”;

after subsection (3), insert —“(3A) No person may, whether through a series of transactions over a period of time or otherwise, cease to become a 50% controller or a 75% controller of a designated electricity licensee, a designated entity or a designated business trust without obtaining the prior written approval of the Authority.”;

in subsection (4), replace paragraph (b) with —“(b)the business, or any part of the business, of a designated entity which —

for a designated entity within paragraph (a) of the definition of “designated entity” in section 30A — relates to its transmission system or any part thereof; and

for a designated entity within paragraph (b) of the definition of “designated entity” in section 30A — relates to the activity or any part thereof by reason of which it is a designated entity; or”;

in subsection (5)(a), after “the person”, insert “, and every associate of the person known to the Authority,”;

in subsection (5)(b), replace “person’s likely influence” with “likely influence of the person and every associate of the person known to the Authority”;

after subsection (5), insert —“(5A) The Authority may approve an application of a person under subsection (3A) if the Authority is satisfied that —

the designated electricity licensee, the designated entity or the trustee‑manager of the designated business trust (as the case may be) will continue to conduct its business prudently and comply with the provisions of this Act, despite the person ceasing to be a 50% controller or a 75% controller; and

it is in the public interest to do so.”;

in subsection (11), in the definition of “12% controller”, replace “30% controller” with “25% controller”;

in subsection (11), after the definition of “12% controller”, insert —“ “25% controller” means a person, not being a 30% controller, who, alone or together with the person’s associates —

holds 25% or more of the total equity interest in; or

is in a position to control 25% or more of the voting power in,the licensee, the entity or the business trust;”;

in subsection (11), in the definition of “30% controller”, after “a person”, insert “, not being a 50% controller,”; and

in subsection (11), after the definition of “30% controller”, insert —“ “50% controller” means a person, not being a 75% controller, who, alone or together with the person’s associates —

holds 50% or more of the total equity interest in; or

is in a position to control 50% or more of the voting power in,the licensee, the entity or the business trust;“75% controller” means a person who, alone or together with the person’s associates —

holds 75% or more of the total equity interest in; or

is in a position to control 75% or more of the voting power in,the licensee, the entity or the business trust;”.