Foreign Acquisitions and Takeovers Act 1975

PART 2 - ACTIONS TO WHICH THIS ACT APPLIES  

Division 4B - Meaning of reviewable national security action  

Subdivision B - Meaning of reviewable national security action  

SECTION 55E   MEANING OF REVIEWABLE NATIONAL SECURITY ACTION - BUSINESSES  

55E(1)    
An action is a reviewable national security action if:

(a)    the action is taken, or proposed to be taken, by a person and the action is any of the following:

(i) to acquire an interest of any percentage in an Australian business;

(ii) to acquire an interest in the assets of an Australian business;

(iii) to enter or terminate a significant agreement with an Australian business; and

(b)    as a result of the action or proposed action:

(i) a foreign person acquires, or will acquire, a direct interest in the Australian business and that acquisition, or proposed acquisition, is not a significant action, notifiable action or notifiable national security action; or

(ii) a foreign person will be in a position, or more of a position, to influence or participate in the central management and control of the Australian business; or

(iii) a foreign person will be in a position, or more of a position, to influence, participate in or determine the policy of the Australian business; and

(c)    the action is or was not otherwise a significant action, a notifiable action or a notifiable national security action.

55E(2)    
An action is also a reviewable national security action if:

(a)    the action is taken, or proposed to be taken, by a foreign person and the action is to start an Australian business; and

(b)    the action is or was not otherwise a significant action, a notifiable action or a notifiable national security action.