Foreign Acquisitions and Takeovers Act 1975

PART 3 - POWERS OF TREASURER  

Division 2 - Orders relating to actions that are, or whose result would be, contrary to national security or the national interest  

Subdivision B - No objection notifications  

SECTION 76   CONTENT OF NOTIFICATION  

76(1)    

A no objection notification given to a person under section 74 or 75 must:

(a)    specify the following:

(i) the one or more actions to which the notification relates;

(ii) the one or more foreign persons to which the notification relates; and

(b)    include the following:

(i) a requirement that the actions to which the notification relates, if taken, must be taken before the end of a specified period after the day the notification is given;

(ii) a statement to the effect that the Treasurer may, in certain circumstances review the actions to which the notification relates under Division 3 and exercise powers under that Division.

76(2)    
The no objection notification may specify a foreign person by specifying:

(a)    a foreign person that:

(i) is not yet incorporated; or

(ii) is a trustee of a trust that is not yet established; and

(b)    the way in which the foreign person is to be incorporated or the trust is to be established.

76(3)    
A foreign person is taken not to be specified in a no objection notification if:

(a)    the notification specified the foreign person under subsection (2) before the foreign person was incorporated or the trust was established; and

(b)    the foreign person is not incorporated or the trust is not established in the way specified in the notification.

Note: The protection under section 70 from disposal orders applies to a foreign person only if the foreign person is specified in a no objection notification.

76(4)    

The period mentioned in subparagraph (1)(b)(i) is:

(a)    the period prescribed by the regulations; or

(b)    

if the Treasurer is satisfied that a longer period is not contrary to national security or the national interest - that longer period.

76(5)    
A single notification may include a no objection notification under each of sections 74 and 75 in relation to different actions.

Variation of no objection notification

76(6)    
A person given a no objection notification may apply to the Treasurer for a variation of the notification (including after the action specified in the notification is taken).

Note: See also Part 6 (fees) and section 135 (manner of application).

76(7)    
An application for an extension of a period specified in a no objection notification must be made 2 months before the end of the period.

76(8)    

The Treasurer may vary a no objection notification if:

(a)    in the case of a no objection notification given in relation to an action of a kind mentioned in subsection 74(1) or 75(1) - the Treasurer is satisfied that the variation is not contrary to the national interest; and

(b)    in the case of a no objection notification given in relation to an action of a kind mentioned in subsection 74(1A) or 75(1A) - the Treasurer is satisfied that the variation is not contrary to national security.