Foreign Acquisitions and Takeovers Act 1975

PART 2 - ACTIONS TO WHICH THIS ACT APPLIES  

Division 3 - Meaning of notifiable action  

SECTION 47   MEANING OF NOTIFIABLE ACTION - GENERAL  

47(1)    
An action is a notifiable action if the conditions in this section are met.

First condition - kinds of action

47(2)    
The first condition is that the action is any of the following:

(a)    

to acquire a direct interest in:

(i) an Australian entity that is an agribusiness; or

(ii) an Australian business that is an agribusiness;

(b) to acquire a substantial interest in an Australian entity;

(c) to acquire an interest in Australian land.

Note: For the definition of acquire a direct interest or a substantial interest, see section 20 .

Second condition - threshold

47(3)    
The second condition is that the threshold test is met in relation to the entity, business or land (see Subdivision B of Division 4 ).

Third condition - kinds of entities covered

47(4)    

If subparagraph (2)(a)(i) or paragraph (b) applies, the third condition is that the entity is:

(a) an Australian corporation that carries on an Australian business, whether alone or together with one or more other persons; or

(b) an Australian unit trust; or

(c) an Australian entity that is the holding entity of an entity mentioned in paragraph (a) or (b).

Last condition - action taken by a foreign person

47(5)    
The last condition (whether paragraph (2)(a), (b) or (c) applies) is that the action is or is to be taken by a foreign person.