Foreign Acquisitions and Takeovers Act 1975

PART 2 - ACTIONS TO WHICH THIS ACT APPLIES  

Division 2 - Meaning of significant action  

SECTION 45   ACTIONS THAT ARE NOT SIGNIFICANT ACTIONS - EXEMPTION CERTIFICATES  

45(1)    
Despite this Division, an action is not a significant action if:

(a) the action is a foreign person acquiring an interest in a new dwelling that will be, is being or has been built on another interest (the development interest ) in Australian land; and

(b) the acquisition was from a person who was specified in an exemption certificate in force under section 57 ; and

(c) the development interest was specified in the certificate; and

(d) the specified person provided the foreign person with a copy of that certificate before the foreign person acquired the interest; and

(e) either:

(i) the conditions (if any) specified in the certificate were met; or

(ii) the foreign person is not, at the time of the action, aware that one or more of the conditions specified in the certificate have not been met.

45(2)    
Despite this Division, an action is not a significant action if:

(a) the action is a foreign person acquiring a kind of interest in Australian land; and

(b) the foreign person is specified in an exemption certificate in force under section 58 or 59 ; and

(c) the interest is, or is of a kind, specified in the certificate; and

(d) the conditions (if any) specified in the certificate were met.

45(3)    
The regulations may provide, in relation to exemption certificates in force under regulations made for the purposes of section 63 , that an action of a specified kind is not a significant action .