Foreign Acquisitions and Takeovers Act 1975
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Hide history noteThis Part deals with the powers that the Treasurer has if an action is proposed to be taken or has been taken.
The Treasurer may review actions in the circumstances set out in Division 1A . Such actions are reviewable national security actions, and significant actions that are not notifiable actions or notifiable national security actions. The Treasurer may make orders and decisions of a kind mentioned below in relation to any actions so reviewed.
If an action is proposed to be taken, the Treasurer may prohibit the action. The Treasurer may make an interim order before deciding whether to make an order prohibiting an action.
If an action has been taken, the Treasurer may order that the action be undone (for example, by requiring an acquisition to be disposed of).
Instead of making an order, the Treasurer may give a notification (called a no objection notification) stating that the Commonwealth does not object to an action. The Treasurer may impose conditions on an action.
If the Treasurer is given a notice that an action is proposed to be taken or reviews an action under Division 1A , the Treasurer must make a decision under this Part within a certain period, although the period may be extended. A person must not take the action during this period unless the person is given a no objection notification.
The Treasurer also has last resort powers to deal with national security risks arising in relation to an action. If the Treasurer is permitted to review the action, the Treasurer may make orders to eliminate or reduce any such risks.
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