Foreign Acquisitions and Takeovers Act 1975

PART 3 - POWERS OF TREASURER  

Division 5 - Treasurer directions  

Subdivision A - Directions to persons  

SECTION 79R   TREASURER MAY GIVE DIRECTION TO PERSON  

79R(1)    
The Treasurer may make a direction under subsection (3) if any of the following conditions are met:

(a)    the Treasurer has reason to believe that a person has engaged, or is engaging, in conduct that constitutes a contravention (the relevant contravention ) of a provision of this Act;

(b)    the Treasurer has reason to believe that a person will engage in conduct that would constitute a contravention (also the relevant contravention ) of a provision of this Act.

79R(2)    
If the conditions in either or both of paragraphs (1)(a) and (b) are met in respect of 2 or more relevant contraventions, the direction may relate to any or all of those relevant contraventions.

79R(3)    
The Treasurer may direct the person in writing to engage in conduct specified in the direction in order to:

(a)    if paragraph (1)(a) applies - address the relevant contravention; and

(b)    if paragraph (1)(b) applies - prevent the relevant contravention; and

(c)    in any case - prevent a similar or related contravention.

79R(4)    
Without limiting the scope of subsection (3), the direction may direct the person to engage in specified conduct:

(a)    during a specified period; or

(b)    by or until a specified time; or

(c)    until a specified condition is met.

79R(5)    
Without limiting the scope of subsections (3) and (4), the conduct to be engaged in as specified in the direction may include any of the following:

(a)    to comply with one or more specified provisions of this Act;

(b)    if the relevant contravention relates to one or more conditions in a no objection notification or exemption certificate - to comply with those conditions in the no objection notification or exemption certificate;

(c)    to engage in specified conduct that is necessary to address or prevent consequences arising from the relevant contravention that the Treasurer is satisfied are contrary to the national interest;

(d)    to take specified steps that are ancillary to conduct mentioned in the previous paragraphs of this subsection;

(e)    any other conduct of a kind specified in the regulations.

79R(6)    
Subsection (7) applies if a consequence or possible consequence arising from the relevant contravention is that the composition of the group of senior officers of a corporation is a composition that the Treasurer is satisfied is contrary to the national interest.

79R(7)    
Without limiting the scope of subsections (3) and (4) and paragraph (5)(c), the conduct to be engaged in as specified in the direction may include any of the following, to the extent necessary to address or prevent the consequence or possible consequence mentioned in subsection (6):

(a)    to ensure that specified persons cease to be senior officers of the corporation;

(b)    to ensure that specified persons do not become senior officers of the corporation;

(c)    to ensure that specified kinds of person (such as persons who are not Australian citizens, or who are foreign persons) cease to be senior officers of the corporation;

(d)    to ensure that specified kinds of person (such as persons who are not Australian citizens, or who are foreign persons) do not become senior officers of the corporation;

(e)    to ensure that a specified proportion of the senior officers of the corporation are not specified kinds of person (such as persons who are not Australian citizens, or who are foreign persons).

79R(8)    
Despite section 46AA of the Acts Interpretation Act 1901 , a direction under subsection (3) may provide for a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time.

79R(9)    
A direction under subsection (3) is not a legislative instrument.