Foreign Acquisitions and Takeovers Act 1975

PART 3 - POWERS OF TREASURER  

Division 3 - Last resort powers: orders to deal with national security risks arising after an initial assessment  

Subdivision C - Other powers of Treasurer  

SECTION 79F  

79F   CONSIDERATIONS REQUIRED BY TREASURER BEFORE ANY POWER EXERCISED  

If the Treasurer proposes to exercise powers under this Subdivision in relation to an action taken, or proposed to be taken, by a person:

(a)    the Treasurer must be satisfied that the action has been reviewed under Subdivision A ; and

(b)    the Treasurer must be reasonably satisfied that:

(i) in a case in which subparagraph 79A(1)(b)(i) applies - the false or misleading statement or the omission directly relates to the national security risk; or

(ii) in a case in which subparagraph 79A(1)(b)(ii) applies - the national security risk posed by the material change could not have been reasonably foreseen, or could have been reasonably foreseen but was only a remote possibility, at the time paragraph 79A(1)(a) was satisfied; or

(iii) in a case in which subparagraph 79A(1)(b)(iii) applies - the material change alters the nature of the national security risk posed at the time paragraph 79A(1)(a) was satisfied; and

(c)    the Treasurer must also be satisfied that:

(i) reasonable steps have been taken to negotiate in good faith with the person to achieve an outcome of eliminating or reducing the national security risk relating to the action that the Treasurer has decided exists so as to avoid an order being given; and

(ii) requiring the person to comply with an order is reasonably necessary for purposes relating to eliminating or reducing the national security risk; and

(iii) the use of existing regulatory systems of the Commonwealth, a State or a Territory would not adequately eliminate or reduce the national security risk.