[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2896 Enrolled Bill (ENR)]
S.2896
One Hundred Eighth Congress
of the
United States of America
AT THE SECOND SESSION
Begun and held at the City of Washington on Tuesday,
the twentieth day of January, two thousand and four
An Act
To modify and extend certain privatization requirements of the
Communications Satellite Act of 1962.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. PRIVATIZATION REQUIREMENTS MODIFIED AND EXTENDED.
Section 621(5) of the Communications Satellite Act of 1962 (47
U.S.C. 763) is amended--
(1) in subparagraph (A)(ii), by striking ``June 30, 2004'' and
inserting ``June 30, 2005''; and
(2) by adding at the end the following new subparagraph:
``(F) Notwithstanding subparagraphs (A) and (B), a
successor entity may be deemed a national corporation and may
forgo an initial public offering and public securities listing
and still achieve the purposes of this section if--
``(i) the successor entity certifies to the Commission
that--
``(I) the successor entity has achieved substantial
dilution of the aggregate amount of signatory or former
signatory financial interest in such entity;
``(II) any signatories and former signatories that
retain a financial interest in such successor entity do
not possess, together or individually, effective
control of such successor entity; and
``(III) no intergovernmental organization has any
ownership interest in a successor entity of INTELSAT or
more than a minimal ownership interest in a successor
entity of Inmarsat;
``(ii) the successor entity provides such financial and
other information to the Commission as the Commission may
require to verify such certification; and
``(iii) the Commission determines, after notice and
comment, that the successor entity is in compliance with
such certification.
``(G) For purposes of subparagraph (F), the term
`substantial dilution' means that a majority of the financial
interests in the successor entity is no longer held or
controlled, directly or indirectly, by signatories or former
signatories.''.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.