Foreign Acquisitions and Takeovers Act 1975

PART 7A - THE REGISTER OF FOREIGN OWNERSHIP OF AUSTRALIAN ASSETS  

Division 3 - Requirements to give register notices to the Registrar  

Subdivision C - Requirements relating to interests in businesses or entities  

SECTION 130ZI   FOREIGN PERSON TAKES ACTION THAT IS A SIGNIFICANT ACTION UNDER SECTION 41 - BUSINESSES  

130ZI(1)    

A foreign person must give a register notice to the Registrar if:

(a)    the foreign person takes an action that is a significant action under section 41 , and:

(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or

(ii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4) ; or

(b)    the foreign person takes an action that is a significant action under section 41 , and:

(i) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; and

(ii) if the condition in subsection 41(5) (change in control) was required to be met in order for the action to be a significant action - the foreign person is aware, or ought reasonably to be aware, that that condition is met in relation to the action; or

(c)    a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that:

(i) has already been taken; and

(ii) was a significant action under section 41 .

Note: This section applies to actions taken on or after the Register commencement day (see subsection (5) ).

130ZI(2)    
If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1) , the following table has effect.

When registered circumstances exist and cease
Item	A registered circumstance under this section exists in relation to the foreign person if …	The registered circumstance ceases if …
1	paragraph 41(2)(a) (acquiring direct interest in Australian business that is an agribusiness) applies to the action.	(a)	the foreign person no longer holds an interest of any percentage in the Australian business referred to in paragraph 41(2)(a) ; or
		(b)	the Australian business ceases to be an Australian business; or
		(c)	the Australian business ceases to be carried on.
2	paragraph 41(2)(b) (acquiring interests in assets of Australian business) applies to the action.	(a)	the foreign person no longer holds an interest of any percentage in the Australian business referred to in paragraph 41(2)(b) ; or
		(b)	the Australian business ceases to be an Australian business; or
		(c)	the Australian business ceases to be carried on.
3	paragraph 41(2)(c) (entering or terminating significant agreement with Australian business) applies to the action, and the action consists of the foreign person entering a significant agreement mentioned in that paragraph.	(a)	the agreement mentioned in paragraph 41(2)(c) ceases to be in force; or
		(b)	the agreement ceases to be a significant agreement; or
		(c)	the foreign person ceases to be a party to the agreement; or
		(d)	the Australian business referred to in that paragraph ceases to be an Australian business; or
		(e)	the Australian business ceases to be carried on.

130ZI(3)    
Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 1 or 2 of the table in subsection (2) .

Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 1 or 2 of the table.

Registrable event day

130ZI(4)    

The registrable event day for a register notice under this section is the earliest of the days in any of the following paragraphs that apply in relation to the notice:

(a)    if paragraph (1)(a) applies - the day on which the foreign person takes the action;

(b)    if paragraph (1)(b) applies, and the condition in subsection 41(5) (change in control) was required to be met in order for the action to be a significant action - the later of:

(i) the day on which the foreign person takes the action; and

(ii) the day on which the foreign person first becomes aware, or ought reasonably to become aware, that the condition in subsection 41(5) (change in control) is met in relation to the action;

(c)    if paragraph (1)(b) applies, and the condition in subsection 41(5) (change in control) was not required to be met in order for the action to be a significant action - the day on which the foreign person takes the action;

(d)    if paragraph (1)(c) applies - the day on which the no objection notification or notice imposing conditions is given.

Application - Register commencement day

130ZI(5)    
This section applies to actions taken on or after the Register commencement day (regardless of when any notification or notice, other than the register notice, mentioned in subsection (1) is given).