Foreign Acquisitions and Takeovers Act 1975

PART 7A - THE REGISTER OF FOREIGN OWNERSHIP OF AUSTRALIAN ASSETS  

Division 3 - Requirements to give register notices to the Registrar  

Subdivision A - Requirements relating to interests in land  

SECTION 130ZD   CHANGE IN NATURE OF INTEREST IN LAND  

130ZD(1)    
A foreign person must give a register notice to the Registrar if:

(a)    a registered circumstance exists in relation to the person (including a registered circumstance affected by a previous application of this section); and

(b)    the Register records the registered circumstance as relating to the person holding any of the following kinds of interest:

(i) an interest in residential land;

(ii) an interest in commercial land;

(iii) an interest in agricultural land;

(iv) an interest in a mining or production tenement;

(v) an interest (within the meaning of section 130ZB ) in an exploration tenement; and

(c)    while the registered circumstance exists, the interest becomes an interest (the new interest ) of a kind mentioned in another subparagraph of paragraph (b); and

(d)    the foreign person is aware, or ought reasonably to have become aware, of the change mentioned in paragraph (c).

Note: A registered circumstance may exist only on or after the Register commencement day.

130ZD(2)    
If a foreign person gives a register notice under this section, the registered circumstance becomes a registered circumstance under this section (without ceasing).

130ZD(3)    
The registered circumstance ceases if the foreign person ceases to hold the new interest.

130ZD(4)    
The registrable event day for a register notice under this section is the first day on which the person is aware, or ought reasonably to have become aware, of the change mentioned in paragraph (1)(c).