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 130ZK   FOREIGN PERSON TAKES ACTION THAT IS A NOTIFIABLE NATIONAL SECURITY ACTION UNDER SECTION 55B  

130ZK(1)    
A foreign person must give a register notice to the Registrar if the foreign person takes an action:

(a)    that is a notifiable national security action under section 55B ; and

(b)    to which paragraph 55B(1)(a) , (b) or (c) applies.

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

130ZK(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 55B(1)(a) (starting national security business) applies to the action.	(a)	the foreign person no longer carries on the national security business mentioned in paragraph 55B(1)(a) ; or
		(b)	the business is neither a national security business nor an Australian business; or
		(c)	the business ceases to be carried on.
2	paragraph 55B(1)(b) (acquiring direct interest in national security business) applies to the action.	(a)	the foreign person no longer holds an interest of any percentage in the business mentioned in paragraph 55B(1)(b) ; or
		(b)	the business is neither a national security business nor an Australian business; or
		(c)	the business ceases to be carried on.
3	paragraph 55B(1)(c) (acquiring direct interest in entity that carries on national security business) applies to the action.	(a)	the foreign person no longer holds an interest of any percentage in the entity referred to in paragraph 55B(1)(c) ; or
		(b)	the entity no longer carries on any business; or
		(c)	the business carried on by the entity is neither a national security business nor an Australian business; or
		(d)	the entity ceases to exist.

130ZK(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 2 or 3 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 2 or 3 of the table.

Registrable event day

130ZK(4)    
The registrable event day for a register notice under this section is the day on which the foreign person takes the notifiable national security action.

Application - Register commencement day

130ZK(5)    
This section applies to actions taken on or after the Register commencement day.