Postal Services Act 1999 · 2020 Revised Edition · Part 4A · Control Over Designated Postal Licensees
26B. Control of acquisition of designated postal licensee
Feedback & supportLast amended by an amending law of 2007.
A designated postal licensee must give written notice, in the prescribed manner and within the prescribed period, to the Postal Authority on the occasion when a person, whether by a series of transactions over a period of time or otherwise —
designated postal licensee
“designated postal licensee” means a postal licensee —(a)which has been declared by the Postal Authority, by notification in the Gazette, to be a designated postal licensee for the purposes of this Part; or(b)which is within a class of postal licensees which has been declared by the Postal Authority, by notification in the Gazette, to be a designated class of postal licensees for the purposes of this Part;
first acquires 5% or more but less than 12% of the voting shares in the designated postal licensee; or
first controls 5% or more but less than 12% of the voting power in the designated postal licensee.
Subject to subsection (4), a person must not, whether through a series of transactions over a period of time or otherwise, become a 12% controller or a 30% controller of a designated postal licensee without obtaining the prior written approval of the Postal Authority in the prescribed manner and within the prescribed period.
12% controller
“12% controller”, in relation to a designated postal licensee, means a person, not being a 30% controller, who alone or together with the person’s associates —(a)holds 12% or more of the total number of voting shares in the designated postal licensee; or(b)is in a position to control 12% or more of the voting power in the designated postal licensee;
A person must not enter into any other transaction that constitutes a consolidation with a designated postal licensee without obtaining the prior written approval of the Postal Authority in the prescribed manner and within the prescribed period.
consolidation
“consolidation” means any transaction —(a)that results in a person —(i)becoming a 30% controller of a designated postal licensee;(ii)acquiring the business of a designated postal licensee (or any part thereof) as a going concern; or(iii)obtaining effective control over a designated postal licensee; or(b)that is prescribed by regulations made under section 26H, or that falls within a class of transactions prescribed in such regulations;
To the extent that the holding of any shares or control of any voting power in a designated postal licensee under subsection (2) constitutes a consolidation with that designated postal licensee, the person and the designated postal licensee must, in addition to the approval required under that subsection, obtain the prior written approval of the Postal Authority in the prescribed manner and within the prescribed period.