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Foreign Acquisitions and Takeovers Act 1975

PART 7 - ADMINISTRATIVE PROVISIONS  

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Division 1 - Simplified outline of this Part  

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SECTION 116  

116   SIMPLIFIED OUTLINE OF THIS PART  

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A person must make and keep records relating to:

  • (a) actions specified in exemption certificates; and
  • (b) compliance with conditions in no objection notifications and exemption certificates; and
  • (c) certain disposals of interests in residential land; and
  • (d) register notices.

    • The records must be kept for 5 years, except records that relate to conditions which must be kept for 2 years. A person may commit an offence if the person fails to make or keep the records in accordance with Division 2 .

    Information that is obtained for the purposes of this Act (called protected information) may be disclosed only for authorised purposes. A person who obtains, uses or discloses protected information other than as authorised by this Act may commit an offence.

    A person may apply to the Administrative Review Tribunal for review of a decision of the Treasurer that a national security risk exists in relation to an action. Division 4 modifies provisions of the ART Act for this purpose.

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