Foreign Acquisitions and Takeovers Act 1975

PART 3 - POWERS OF TREASURER  

Division 2 - Orders relating to actions that are, or whose result would be, contrary to national security or the national interest  

Subdivision A - Orders  

SECTION 70   LIMITATION ON MAKING DISPOSAL ORDERS  

70(1)    
This section applies if:

(a)    

a person is given a no objection notification specifying one or more actions; and

(b)    

in the case of a no objection notification relating to actions that are proposed to be taken - the actions specified in the no objection notification were taken; and

(c) in any case, both of the following apply:

(i) either the period specified under section 76 in the notification has not ended or the actions were taken before the end of the period specified in the notification;

(ii) the foreign persons who took the actions were specified in

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History

S 70(1) amended by No 114 of 2020, s 3, Sch 1[109] (effective 1 January 2021).

For application and transitional provisions by No 114 of 2020, Sch 1 items 227 to 250, see Transitional Information under this Act.

the notification.

70(2)    
The Treasurer may make an order under section 69 (disposal orders) in relation to the actions only if:

(a) the person is convicted of an offence against section 87 in relation to a condition included in the notification; or

(b) an order is made under section 19B of the Crimes Act 1914 in relation to the person in respect of such an offence; or

(c) a civil penalty order is made against the person under the Regulatory Powers Act in relation to a contravention of section 93 , 96 or 97 of this Act relating to a condition included in the notification.

Note: The Treasurer may make an order under this Subdivision in relation to:

(a) a significant action that is not specified in the notification but is covered by the same agreement that covered the actions mentioned in subsection (1); or

(b) a foreign person who is not specified in the notification but who took significant actions covered by the same agreement that covered the actions mentioned in subsection (1).

70(3)    

To avoid doubt, this section is subject to subsection 76A(7) (effect of revocation of no objection notification).