S. 2896 (es) To modify and extend certain privatization requirements of the Communications Satellite Act of 1962. [Engrossed in Senate] ...

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        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.

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