Foreign Acquisitions and Takeovers Act 1975

PART 5 - OFFENCES AND CIVIL PENALTIES  

Division 3 - Civil penalties  

Subdivision B - Civil penalties relating to actions (except in relation to residential land)  

SECTION 92   TAKING ACTION BEFORE END OF PERIOD  

92(1)    
A foreign person who proposes to take an action (other than because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities)) must not take the action before the day mentioned in section 82 if:

(a) either:

(i) the person gives a notice to the Treasurer stating that the action is proposed to be taken; or

(ii) the action is an action in respect of which the Treasurer has given a notice under subsection 66A(4) ; and

(b) if a change in control is required for the action to be a significant action - the action would result in a change in control.

Note 1: If a person takes an action by entering an agreement, the action is not taken until the agreement is binding on the person (see subsections 15(4) and (5) ).

Note 2: A notice might be given under section 81 or because a foreign person chooses to give a notice despite not being required to do so.

92(2)    

A person who contravenes subsection (1) is liable to a civil penalty.

Penalty

92(3)    

The maximum penalty for the contravention is the lesser of the following:

(a)    2,500,000 penalty units;

(b)    the greater of the following:

(i) 5,000 penalty units (or 50,000 penalty units if the person is a corporation);

(ii) the amount worked out under section 98F for the action.