Foreign Acquisitions and Takeovers Act 1975

PART 2 - ACTIONS TO WHICH THIS ACT APPLIES  

Division 5 - Exemption certificates  

SECTION 61   TIME LIMIT FOR MAKING DECISIONS ON EXEMPTION CERTIFICATES  

61(1)    
If a person applies for an exemption certificate, the Treasurer must make a decision whether to grant the application before the end of the following period:

(a)    the period prescribed by the regulations;

(b)    

if, before the end of the period (including the period as extended under this paragraph), the person requests in writing the Treasurer to extend the period - the period as so extended;

(c)    

if, before the end of the period (including the period as extended under this paragraph or paragraph (b) ), the Treasurer extends the period under section 61A - the period as so extended.

Note: For withdrawal of applications, see section 136 .

Giving exemption certificates

61(2)    
If the Treasurer decides to grant the application, the exemption certificate:

(a)    must be given to the person before the end of 10 days after the decision is made; and

(b)    may be given to the person at an address (including an electronic address) specified in the application by the person as the address for service of notices relating to the application.

Failure to make decision or give exemption certificate

61(3)    
The Treasurer is taken to have given, in accordance with subsection (2) , an exemption certificate (without specifying conditions) of the kind applied for if the Treasurer does not:

(a)    make a decision before the end of the period mentioned in subsection (1) ; or

(b)    if the Treasurer makes a decision before the end of the period - give the person the exemption certificate in accordance with subsection (2) .

61(4)    
The exemption certificate is taken to have specified:

(a)    the person to whom the certificate relates; and

(b)    

in respect of a certificate taken to be given under section 57 , 58 or 59 - the interests or kinds of interests to which the certificate relates; and

(ba)    

in respect of a certificate taken to be given under the regulations - the interest or kinds of interests, or the action or kinds of actions, to which the certificate relates; and

(c)    the period during which the certificate is in force;

in accordance with the information specified in the application.