Foreign Acquisitions and Takeovers Legislation Amendment Act 2015 (150 of 2015)

Schedule 3   Application and transitional provisions for Schedules 1 and 2 and Fees Imposition Act

2   Notices given before commencement

Notices under old section 25 and the Policy

(1) A notice that is given under section 25 of the old provisions or the Policy before commencement is taken, after commencement, to be a notice that a significant action (that is not a notifiable action) is proposed to be taken.

Note: The Treasurer has certain powers if the Treasurer is given a notice that a significant action is proposed to be taken (see sections 74, 75 and 77 of the new provisions).

Notices under old section 26 or 26A

(2) A notice that is given under section 26 or 26A of the old provisions before commencement is taken, after commencement, to have been given under section 81 of the new provisions.

(3) To avoid doubt, a notice given under section 26 or 26A of the old provisions is a notice stating that a significant action is proposed to be taken.

Note: Certain powers and limitations apply if a notice is given stating that a significant action is proposed to be taken (see sections 74, 75 and 77 of the new provisions).

(4) Subitems (1) and (2) do not apply in relation to section 113 of the new provisions (when fees are payable).

Notices requiring information and documents

(5) A notice that is given under section 36 of the old provisions before commencement is taken, after commencement, to have been given under section 133 of the new provisions.

(6) Despite subitem (5), subsections 77(4) (effect of notice on time limits) and 133(7) and (8) (self-incrimination) of the new provisions apply only in relation to notices given under section 133 of the new provisions after commencement.

Time of giving notices

(7) To avoid doubt, nothing in this item changes the time when a notice is given.