[United States Statutes at Large, Volume 118, 108th Congress, 2nd Session]
[From the U.S. Government Publishing Office, www.gpo.gov]

118 STAT. 1752

Public Law 108-371
108th Congress

An Act


 
To modify and extend certain privatization requirements of the
Communications Satellite Act of NOTE: Oct. 25, 2004 -  [S.
2896] 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


[[Page 1753]]
118 STAT. 1753

interests in the successor entity is no longer held or
controlled, directly or indirectly, by signatories or
former signatories.''.

Approved October 25, 2004.

LEGISLATIVE HISTORY--S. 2896:
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CONGRESSIONAL RECORD, Vol. 150 (2004):
Oct. 5, considered and passed Senate.
Oct. 8, considered and passed House.