Foreign Acquisitions and Takeovers Act 1975

PART 3 - POWERS OF TREASURER  

Division 5 - Treasurer directions  

Subdivision B - Interim directions to persons  

SECTION 79V   TREASURER MAY GIVE INTERIM DIRECTION TO PERSON  

79V(1)    
The Treasurer may make an interim direction under subsection (3) if:

(a)    any of the following conditions are met:

(i) the Treasurer has reason to believe that a person has engaged, or is engaging, in conduct that constitutes a contravention (the relevant contravention ) of a provision of this Act;

(ii) the Treasurer has reason to believe that a person will engage in conduct that would constitute a contravention (also the relevant contravention ) of a provision of this Act; and

(b)    the Treasurer considers that a delay in making the interim direction would be contrary to the national interest.

79V(2)    
If the conditions in either or both of subparagraphs (1)(a)(i) and (ii) are met in respect of 2 or more relevant contraventions, the interim direction may relate to any or all of those relevant contraventions.

79V(3)    
The Treasurer may direct the person in writing to engage in conduct specified in the interim direction in order to:

(a)    if subparagraph (1)(a)(i) applies - address the relevant contravention; and

(b)    if subparagraph (1)(a)(ii) applies - prevent the relevant contravention; and

(c)    in any case - prevent a similar or related contravention.

79V(4)    
Without limiting the scope of subsection (3), the interim direction may direct the person to engage in specified conduct:

(a)    during a specified period; or

(b)    by or until a specified time; or

(c)    until a specified condition is met.

79V(5)    
Without limiting the scope of subsections (3) and (4), the conduct to be engaged in as specified in the interim direction may include any of the following:

(a)    to comply with one or more specified provisions of this Act;

(b)    if the relevant contravention relates to one or more conditions in a no objection notification or exemption certificate - to comply with those conditions in the no objection notification or exemption certificate;

(c)    to engage in specified conduct that is necessary to address or prevent consequences arising from the relevant contravention that the Treasurer is satisfied are contrary to the national interest;

(d)    to take specified steps that are ancillary to conduct mentioned in the previous paragraphs of this subsection;

(e)    any other conduct of a kind specified in the regulations.

79V(6)    
Despite section 46AA of the Acts Interpretation Act 1901 , an interim direction under subsection (3) may provide for a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time.

79V(7)    
An interim direction under subsection (3) is not a legislative instrument.