Foreign Acquisitions and Takeovers Act 1975

PART 5 - OFFENCES AND CIVIL PENALTIES  

Division 2 - Offences  

SECTION 84   FAILING TO GIVE NOTICE  

Failing to give notice - general case

84(1)    

A person commits an offence if:

(a) the person is a foreign person; and

(b) the person takes an action (other than because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities)); and

(c) the action is a notifiable action or notifiable national security action; and

(d) a notice is not given under subsection 81(1) in relation to the action before the action is taken.

Note: If a person takes an action by entering an agreement, the action is not taken until the agreement is binding on the person (see subsections 15(4) and (5) ).

Penalty: Imprisonment for 10 years, or 15,000 penalty units (or 150,000 penalty units if the person is a corporation), or both.

Failing to give notice - increasing percentage of interests without acquiring additional interests in securities

84(2)    

A person commits an offence if:

(a)    the person is a foreign person; and

(b)    the person takes an action because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities); and

(c)    the action is a notifiable action or a notifiable national security action; and

(d)    the person does not give a notice as required by subsection 81(1A) before the end of 30 days after the action is taken.

Note: The notice may be given before or after the action is taken.

Penalty: Imprisonment for 10 years, or 15,000 penalty units (or 150,000 penalty units if the person is a corporation), or both.