Foreign Acquisitions and Takeovers Act 1975
View history note
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 national security action under section 55B ; and (b) to which paragraph 55B(1)(a) , (b) or (c) applies.
Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).
130ZK(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 | paragraph 55B(1)(a) (starting national security business) applies to the action. | (a) | the foreign person no longer carries on the national security business mentioned in paragraph 55B(1)(a) ; or |
| (b) | the business is neither a national security business nor an Australian business; or | ||
| (c) | the business ceases to be carried on. | ||
| 2 | paragraph 55B(1)(b) (acquiring direct interest in national security business) applies to the action. | (a) | the foreign person no longer holds an interest of any percentage in the business mentioned in paragraph 55B(1)(b) ; or |
| (b) | the business is neither a national security business nor an Australian business; or | ||
| (c) | the business ceases to be carried on. | ||
| 3 | paragraph 55B(1)(c) (acquiring direct interest in entity that carries on national security business) applies to the action. | (a) | the foreign person no longer holds an interest of any percentage in the entity referred to in paragraph 55B(1)(c) ; or |
| (b) | the entity no longer carries on any business; or | ||
| (c) | the business carried on by the entity is neither a national security business nor an Australian business; or | ||
| (d) | the entity ceases to exist. |
130ZK(3)
Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 2 or 3 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 item 2 or 3 of the table.
Registrable event day
130ZK(4)
The registrable event day for a register notice under this section is the day on which the foreign person takes the notifiable national security action.
Application - Register commencement day
130ZK(5)
This section applies to actions taken on or after the Register commencement day.
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