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 130ZO   PERSON BECOMES A FOREIGN PERSON WHILE HOLDING INTEREST IN AN ENTITY OR BUSINESS  

130ZO(1)    
This section applies to a person who becomes a foreign person.

130ZO(2)    
The person must give a register notice to the Registrar if:

(a)    on the day the person becomes a foreign person, the person holds:

(i) a direct interest in an Australian entity that is an agribusiness; or

(ii) a direct interest in an Australian business that is an agribusiness; or

(iii) a substantial interest in an Australian entity; and

(b)    had the person taken an action consisting of acquiring the interest on the day the person became a foreign person, the action would have been a notifiable action under either of the following:

(i) paragraph 47(2)(a) (acquiring direct interest in Australian entity or business that is an agribusiness);

(ii) paragraph 47(2)(b) (acquiring substantial interest in Australian entity).

130ZO(3)    

Subsections 130ZJ(2) and (3) apply in relation to the register notice as if the person had taken the action mentioned in paragraph (2)(b) of this section in the same way as those subsections apply to a notice and an action of that kind under section 130ZJ .

130ZO(4)    
The registrable event day for a register notice under this section is the day on which the person becomes a foreign person.

Application - Register commencement day

130ZO(5)    
This section applies to a person who becomes a foreign person on or after the Register commencement day, regardless of when the person started to hold the interest referred to in paragraph (2)(a).