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 B - No objection notifications  

SECTION 75   NO OBJECTION NOTIFICATION NOT IMPOSING CONDITIONS  

75(1)    
This section applies if:

(a) the Treasurer receives a notice that a person proposes to take an action; and

(b) the Treasurer is satisfied that the action is covered by:

(i) subsections 40(2) and (3) , and whichever of subsection 40(4) or (5) applies (meaning of significant action - entities); or

(ii) subsections 41(2) and (3) and subsection 41(4) (if it applies) (meaning of significant action - business); or

(iii) section 43 (meaning of significant action - land); or

(iv) regulations made for the purposes of section 44 (meaning of significant action - actions prescribed by the regulations), disregarding any conditions prescribed by the regulations in relation to a change in control.

Note 1: See also sections 76 (content of no objection notification) and 77 (time limit on making orders and decisions) and Parts 5 (offences and civil penalties) and 6 (fees).

Note 2: This section disregards whether there has been a change in control.

75(1A)    

This section also applies if:

(a)    the Treasurer receives a notice that a person proposes to take a notifiable national security action; or

(b)    a person proposes to take:

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

(ii) a reviewable national security action that the person notifies to the Treasurer.

Note: See also sections 76 (content of no objection notification) and 77 (time limit on making orders and decisions).

75(2)    
The Treasurer may:

(a) decide that the Commonwealth has no objection to the action; and

(b) notify the person, in writing (the no objection notification ), of the decision.

75(3)    
The no objection notification:

(a) must be given 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 notice relating to the action as the address for service of notices relating to the action.

Statements in notices

75(4)    
For the purposes of this section:

(a) a notice relating to an action stating that a person has a right (including a right under an option) to acquire interests in securities, assets or Australian land is taken to be a statement that the person proposes to acquire the interests in the securities, assets or land; and

(b) a notice relating to an action stating that a person proposes to acquire a right (including a right under an option) to acquire an interest in a security, asset or Australian land is taken to be a statement that the person proposes to exercise that right.

Effect of notifications on later actions

75(5)    
A notification given under this section in relation to an action taken relating to an entity or business does not prevent the Treasurer from determining later whether there has been a change in control of the entity or business.