Foreign Acquisitions and Takeovers Act 1975
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Hide history noteA foreign person must give a register notice to the Registrar if the foreign person takes an action: (a) that is a notifiable action under section 47 ; and (b) to which paragraph 47(2)(a) (acquiring direct interest in Australian entity or business that is an agribusiness) or (b) (acquiring substantial interest in Australian entity) applies.
Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).
130ZJ(2)
If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.
| When registered circumstances exist and cease | |||
| Item | A registered circumstance under this section exists in relation to the foreign person if … | The registered circumstance ceases if … | |
| 1 | subparagraph 47(2)(a)(i) (acquiring direct interest in Australian entity that is an agribusiness) applies to the action. | (a) | the foreign person no longer holds an interest of any percentage in the Australian entity mentioned in subparagraph 47(2)(a)(i) ; or |
| (b) | the Australian entity ceases to be an Australian entity; or | ||
| (c) | the Australian entity ceases to exist. | ||
| 2 | subparagraph 47(2)(a)(ii) (acquiring direct interest in Australian business that is an agribusiness) applies to the action. | (a) | the foreign person no longer holds an interest of any percentage in the Australian business referred to in subparagraph 47(2)(a)(ii) ; or |
| (b) | the Australian business ceases to be an Australian business; or | ||
| (c) | the Australian business ceases to be carried on. | ||
| 3 | paragraph 47(2)(b) (acquiring substantial interest in Australian entity) applies to the action. | (a) | the foreign person no longer holds an interest of any percentage in the Australian entity mentioned in paragraph 47(2)(b) ; or |
| (b) | the Australian entity ceases to be an Australian entity; or | ||
| (c) | the Australian entity ceases to exist. |
130ZJ(3)
Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under an item of the table in subsection (2).
Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under an item of the table.
130ZJ(4)
The registrable event day for a register notice under this section is the day on which the foreign person takes the notifiable action.
Application - Register commencement day
130ZJ(5)
This section applies to actions taken on or after the Register commencement day.
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