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 130ZP   PERSON BECOMES A FOREIGN PERSON WHILE CARRYING ON OR HOLDING INTEREST IN A NATIONAL SECURITY BUSINESS  

130ZP(1)    
This section applies to a person who becomes a foreign person.

130ZP(2)    
The person must give a register notice to the Registrar if:

(a)    on the day the person becomes a foreign person, the person carries on a national security business; and

(b)    had the person taken an action consisting of starting to carry on the national security business on the day the person became a foreign person, the action would have been a notifiable national security action under paragraph 55B(1)(a) (starting national security business).

130ZP(3)    
The person must give a register notice to the Registrar if:

(a)    on the day the person becomes a foreign person, the person holds:

(i) a direct interest in a national security business; or

(ii) a direct interest in an entity that carries on a national security business; and

(b)    had the person taken an action consisting of acquiring the interest on the day the person became a foreign person, the action would have been a notifiable national security action under either of the following:

(i) paragraph 55B(1)(b) (acquiring direct interest in national security business);

(ii) paragraph 55B(1)(c) (acquiring direct interest in entity that carries on national security business).

130ZP(4)    

Subsections 130ZK(2) and (3) apply in relation to the register notice as if the person had taken the action mentioned in paragraph (2)(b) or (3)(b) of this section in the same way as those subsections apply to a notice and an action of that kind under section 130ZK .

130ZP(5)    
The registrable event day for a register notice under this section is the day on which the person becomes a foreign person.

Application - Register commencement day

130ZP(6)    
This section applies to a person who becomes a foreign person on or after the Register commencement day, regardless of when the person started to carry on the business referred to in paragraph (2)(a) or to hold the interest referred to in paragraph (3)(a) .