Foreign Acquisitions and Takeovers Act 1975

PART 3 - POWERS OF TREASURER  

Division 3 - Last resort powers: orders to deal with national security risks arising after an initial assessment  

Subdivision C - Other powers of Treasurer  

SECTION 79H   NOTICE IMPOSING CONDITIONS  

Imposition of conditions

79H(1)    
If a person was not given a no objection notification in relation to an action, the Treasurer may:

(a)    decide that the Commonwealth has no objection to the action if one or more conditions were imposed that the Treasurer is satisfied would be reasonably necessary for purposes relating to eliminating or reducing the national security risk relating to the action; and

(b)    notify the person, in writing (the notice imposing conditions ), of the conditions.

79H(2)    
The notice imposing conditions:

(a)    must be given before the end of 10 days after the decision is made; and

(b)    if a notice relating to the action was given - may be given to the person at an address (including an electronic address) specified in that notice as the address for service of notices relating to the action.

Content of notice

79H(3)    
A notice imposing conditions must:

(a)    specify the following:

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

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

(b)    include the following:

(i) a requirement that the actions to which the notice relates, if taken, must be taken before the end of a specified period after the day the notice 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.

79H(4)    
The notice imposing conditions 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.

79H(5)    
A foreign person is taken not to be specified in a notice imposing conditions if:

(a)    the notice specified the foreign person under subsection (4) 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 notice.

79H(6)    
The period mentioned in paragraph (3)(b) 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.