OB62 - Oceana Airways Privatisation Act (2013)

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  • 7/29/2019 OB62 - Oceana Airways Privatisation Act (2013)

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    Oceana Airways Privatisation Act (2013) 1

    Oceana Bill Number 1

    Oceana Bill

    Oceana Airways Privatisation Act (2013)

    Introduced By: Prime Minister Jani Helle

    On: 08 / 02 / 2013

    Bill Type: Government Bill

    Sponsors:

    Summary/AbstractAn Act with provision for the privatisation of the State-owned airline, Oceana Airways, along with

    details on remaining State ownership and requirements for privatisation.

    Article IGeneral ProvisionsSection 1This Act shall define the terms and details of the privatisation of the national airline of

    the Republic of Oceana, the Oceana Airways.

    Section 2The State currently holds one hundred per cent (100%) of the airline. State ownership

    shall be reduced to no more than fifteen per cent.

    Section 3The Government has budgeted A252 million for the purposes of seeking buyers, initial

    and possible modernization costs, and employee salaries for the next twelve (12) months following

    the adoption of this Act.

    Section 4Company Pensions for current employees of Oceana Airways under currently agreed

    terms shall be guaranteed for a period of five (5) years from the adoption of this Act.

    Article II Prerequisites for PrivatisationSection 1This Act shall levy certain requirements for any entity or group of entities who shall

    hold more than fifty per cent (50%) of Oceana Airways as a requirement of the privatisation deal.

    Section 2The central headquarters of Oceana Airways, and its main hub, shall remain at the A. R.

    Foster International Airport near Glaschu.

    Section 3

    The name of the airline shall remain as Oceana Airways for at least five (5) years.Section 435% of the company shall be opened to public trading.

    Article IIIState OwnershipSection 1The State shall remain part owner of Oceana Airways for a period of five (5) years,

    holding onto fifteen per cent (15%) of the company and fleet.

    Section 2After five (5) years, Parliament shall decide whether to sell off the States share, or buy

    back the company (see Article IV).

    Article IVBuy Back OptionSection 1After five (5) years from the adoption of this Act, Parliament may decide that the State

    shall buy back up to another 35% the company, or sell off its stake in the company.

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    Oceana Airways Privatisation Act (2013) 2

    Oceana Bill Number 2

    Article VBreak Up of Airways MonopolyThe company will sell off all assets of the business related to domestic travel in order to open up the

    market to private competition. At a reduced price.

    Article VII - Final ProvisionsSection 1If no buyer is found for Oceana Airways within two (2) years of the adoption of this

    Act, Parliament shall provide further legislation on the future of the airline.

    Signed:

    Jani Helle