Foreign Acquisitions and Takeovers Act 1975

PART 5 - OFFENCES AND CIVIL PENALTIES  

Division 3 - Civil penalties  

Subdivision D - Other civil penalties  

SECTION 98C   FAILURE TO NOTIFY TREASURER OF TAKING OF ACTION SPECIFIED IN NO OBJECTION NOTIFICATION  

98C(1)    
Subsection (2) applies if:

(a)    a person:

(i) is given a no objection notification specifying one or more core Part 3 actions; or

(ii) is specified in a no objection notification specifying one or more core Part 3 actions; and

(b)    the person takes one of those core Part 3 actions; and

(c)    if regulations made for the purposes of this paragraph specify requirements - those requirements are met.

98C(2)    
The person must give the Treasurer a notice in accordance with subsection (3) no later than 30 days after the latest of the following days:

(a)    the day on which the person took the core Part 3 action;

(b)    the day on which the no objection notice was given;

(c)    if the core Part 3 action is the acquisition of an interest in a security, asset, trust or Australian land, and section 15 applies in relation to the acquisition - the day on which the person acquired the interest in a security, asset, trust or Australian land (disregarding section 15 ).

Civil penalty: 250 penalty units.

98C(3)    
The notice must:

(a)    describe the core Part 3 action; and

(b)    state the day on which it was taken; and

(c)    meet any other requirements specified in regulations made for the purposes of this paragraph.