Page:United States Statutes at Large Volume 114 Part 1.djvu/88

 114 STAT. 52 PUBLIC LAW 106-180—MAR. 17, 2000 Access to new, or renewal of access to, orbital locations shall be subject to the legal or regulatory processes of a national government that applies due diligence requirements intended to prevent the warehousing of orbital locations. "(4) PREVENTION OF EXPANSION DURING TRANSITION. — During the transition period prior to privatization under this title, INTELSAT and Inmarsat shall be precluded from expanding into additional services. "(5) CONVERSION TO STOCK CORPORATIONS.— Any successor entity or separated entity created out of INTELSAT or Inmarsat shall be a national corporation or similar accepted commercial structure, subject to the laws of the nation in which incorporated, as follows: Deadlines. "(A) An initial public offering of securities of any successor entity or separated entity— "(i) shall be conducted, for the successor entities of INTELSAT, on or about October 1, 2001, except that the Commission may extend this deadline in consideration of market conditions and relevant business factors relating to the timing of an initial public offering, but such extensions shall not permit such offering to be conducted later than December 31, 2002; and "(ii) shall be conducted, for the successor entities of Inmarsat, on or about October 1, 2000, except that the Commission may extend this deadline in consideration of market conditions and relevant business factors relating to the timing of an initial public offering, but to no later than December 31, 2001. "(B) The shares of any successor entities and separated entities shall be listed for trading on one or more major stock exchanges with transparent and effective securities regulation. "(C) A majority of the members of the board of directors of any successor entity or separated entity shall not be directors, employees, officers, or managers or otherwise serve as representatives of any signatory or former signatory. No member of the board of directors of any successor or separated entity shall be a director, employee, officer or manager of any intergovernmental organization remaining after the privatization. "(D) Any successor entity or separated entity shall— "(i) have a board of directors with a fiduciary obligation; "(ii) have no officers or managers who (I) are officers or managers of any signatories or former signatories, or (II) have any direct financial interest in or financial relationship to any signatories or former signatories, except that such interest may be managed through a blind trust or similar mechanism; "(iii) have no directors, officers, or managers who hold such positions in any intergovernmental organization; and "(iv) in the case of a separated entity, have no officers or directors, who (I) are officers or managers of any intergovernmental organization, or (II) have any direct financial interest in or financial relationship

�