Foreign Acquisitions and Takeovers Act 1975

PART 5 - OFFENCES AND CIVIL PENALTIES  

Division 2 - Offences  

SECTION 85   TAKING ACTION BEFORE END OF PERIOD  

85(1)    

A person commits an offence if:

(a) the person is a foreign person; and

(b) the person gives a notice to the Treasurer stating that a significant action (including a significant action that is a notifiable action), a notifiable national security action or a reviewable national security action is proposed to be taken; and

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

(d) the action is taken before the day mentioned in section 82 ; and

(e) if a change in control is required for the action to be a significant action - there is a change in control as a result of the action.

Note 1: 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) ).

Note 2: A notice might be given under section 81 or because a foreign person chooses to give a notice despite not being required to do so.

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

85(2)    

A person commits an offence if:

(a)    the person is a foreign person; and

(b)    the Treasurer gives the person a notice under subsection 66A(4) in relation to an action; and

(c)    at the time the Treasurer gave the notice to the person, the action had not been taken; and

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

(e)    the action is taken before the day mentioned in section 82 ; and

(f)    if a change in control is required for the action to be a significant action - there is a change in control as a result of the action.

Note 1: 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) ).

Note 2: A notice might be given under section 81 or because a foreign person chooses to give a notice despite not being required to do so.

Penalty: Imprisonment for 10 years, or 15,000 penalty units, or both.