Foreign Acquisitions and Takeovers Act 1975

PART 2 - ACTIONS TO WHICH THIS ACT APPLIES  

Division 2 - Meaning of significant action  

SECTION 41   MEANING OF SIGNIFICANT ACTION - BUSINESSES  

41(1)    
An action is a significant action if the conditions in this section are met.

First condition - kinds of action

41(2)    
The first condition is that the action is any of the following:

(a) to acquire a direct interest in an Australian business that is an agribusiness;

(b) to acquire interests in assets of an Australian business;

(c) to enter or terminate a significant agreement with an Australian business.

Note: An action mentioned in paragraph (2)(b) or (c) may be taken in relation to an Australian business that is an agribusiness (see section 42 ).

Second condition - threshold

41(3)    
The second condition is that the threshold test is met in relation to the Australian business (see Subdivision B of Division 4 ).

Third condition - action taken by a foreign person

41(4)    
If paragraph (2)(a) applies, the third condition is that the action is or is to be taken by a foreign person.

Third condition - action results in change in control

41(5)    
If paragraph (2)(b) or (c) applies, the third condition is that there would be or has been a change in control of the business as a result of the action (see Subdivision C of Division 4 ).

41(6)    

However, the third condition in subsection (5) is not required to be met if:

(a)    paragraph (2)(b) applies; and

(b)    the action is or is to be taken by a foreign person who controls the business (whether alone or together with one or more associates) immediately before the action is or is to be taken.