Foreign Acquisitions and Takeovers Act 1975

PART 3 - POWERS OF TREASURER  

Division 5 - Treasurer directions  

Subdivision A - Directions to persons  

SECTION 79U   VARYING AND REVOKING DIRECTIONS  

79U(1)    
The Treasurer may, by notice in writing to the person in respect of which a direction under subsection 79R(3) was made, vary the direction if, at the time of the variation, the Treasurer considers that the variation is appropriate and is not contrary to the national interest.

79U(2)    
The Treasurer may, by notice in writing to the person in respect of which a direction under subsection 79R(3) was made, revoke the direction if, at the time of the revocation, the Treasurer considers that:

(a)    the direction is no longer appropriate; and

(b)    revoking the direction is not contrary to the national interest.

79U(3)    
If the Treasurer makes a variation or revocation under this section, the Treasurer must ensure that the variation or revocation is published on a website maintained by the Department as soon as practicable after it is made.

79U(4)    
If a variation or revocation under this section has not yet been published on a website maintained by the Department, the Treasurer may decide, in writing, that publishing the variation or revocation on such a website would be contrary to the national interest.

79U(5)    
If the Treasurer makes a decision under subsection (4) in relation to a direction, subsection (3) does not apply to the variation or revocation.

79U(6)    
The variation or revocation is not invalid merely because of a failure to comply with subsection (3).

79U(7)    
A variation or revocation under this section of a direction takes effect at the later of the following times:

(a)    the time when it is given to the person in respect of which the direction was made;

(b)    the time specified in the variation or revocation as the time when it takes effect.