Foreign Acquisitions and Takeovers Act 1975

PART 7A - THE REGISTER OF FOREIGN OWNERSHIP OF AUSTRALIAN ASSETS  

Division 3 - Requirements to give register notices to the Registrar  

Subdivision C - Requirements relating to interests in businesses or entities  

SECTION 130ZL   FOREIGN PERSON TAKES ACTION THAT IS A REVIEWABLE NATIONAL SECURITY ACTION UNDER SECTION 55D - ENTITIES  

130ZL(1)    
A foreign person must give a register notice to the Registrar if:

(a)    the foreign person takes an action that is a reviewable national security action under section 55D , and:

(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or

(ii) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; or

(iii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4) ; or

(b)    a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that:

(i) has already been taken; and

(ii) was a reviewable national security action under section 55D .

Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).

130ZL(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	subsection 55D(1) (acquiring interest in entity) applies to the action.	(a)	the foreign person no longer holds an interest of any percentage in the entity mentioned in subsection 55D(1) ; or
		(b)	the entity ceases to be a kind of entity described in subsection 55D(3) ; or
		(c)	the entity ceases to exist.
2	subparagraph 55D(2)(a)(i) (issuing securities in entity) applies to the action.	(a)	all of the securities mentioned in subparagraph 55D(2)(a)(i) cease to exist; or
		(b)	the entity mentioned in that subparagraph ceases to be a kind of entity described in subsection 55D(4) ; or
		(c)	the entity ceases to exist.
3	subparagraph 55D(2)(a)(ii) (entering into agreement relating to affairs of entity) applies to the action.	(a)	the agreement mentioned in subparagraph 55D(2)(a)(ii) ceases to be in force; or
		(b)	the foreign person ceases to be a party to the agreement; or
		(c)	the agreement ceases to result in the obligation mentioned in that subparagraph; or
		(d)	the entity mentioned in that subparagraph ceases to be a kind of entity described in subsection 55D(4) ; or
		(e)	the entity ceases to exist.
4	subparagraph 55D(2)(a)(iii) (altering constituent documents of entity) applies to the action.	(a)	the document mentioned in subparagraph 55D(2)(a)(iii) ceases to be in force; or
		(b)	the document ceases to produce the result mentioned in that subparagraph; or
		(c)	the entity mentioned in that subparagraph ceases to be a kind of entity described in subsection 55D(4) ; or
		(d)	the entity ceases to exist.

130ZL(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 1 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 1 of the table.

Registrable event day

130ZL(4)    
The registrable event day for a register notice under this section is:

(a)    if paragraph (1)(a) applies - the day on which the foreign person takes the action; or

(b)    if paragraph (1)(b) applies - the day on which the no objection notification or notice imposing conditions is given.

Application - Register commencement day

130ZL(5)    
This section applies to actions taken on or after the Register commencement day (regardless of when any notification or notice, other than the register notice, mentioned in subsection (1) is given).