Foreign Acquisitions and Takeovers Act 1975

PART 4 - NOTICES REQUIRED FOR NOTIFIABLE ACTIONS AND NOTIFIABLE NATIONAL SECURITY ACTIONS, AND MAY BE GIVEN OF OTHER ACTIONS  

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History

Pt 4 heading substituted by No 114 of 2020, s 3, Sch 1[133] (effective 1 January 2021).

For application and transitional provisions by No 114 of 2020, Sch 1 items 227 to 250, see Transitional Information under this Act.

Pt 4 inserted by No 150 of 2015, s 3, Sch 1[4] (effective 1 December 2015).

For application and transitional provisions by No 150 of 2015, Sch 3, see Transitional Information under this Act.

SECTION 80  

80   SIMPLIFIED OUTLINE OF THIS PART  

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A foreign person must give the Treasurer a notice before taking a notifiable action or notifiable national security action or, if section 18A (increasing percentage of interests without acquiring additional interests in securities) applies, before the end of 30 days after the action is taken.

A foreign person must not take an action during a certain period (unless the person is given a no objection notification or section 18A applies) if:

(a) the foreign person chooses to notify the Treasurer of the action despite not being required to do so; or

(b) the foreign person is given a notice by the Treasurer under subsection 66A(4) (actions that may pose a national security concern).

Generally, the period is 40 days from receiving the notice, or up to 90 days from the registration of an interim order. The person may be prevented from taking the action by an order under Part 3 .

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History

S 80 substituted by No 114 of 2020, s 3, Sch 1[134] (effective 1 January 2021).

For application and transitional provisions by No 114 of 2020, Sch 1 items 227 to 250, see Transitional Information under this Act.

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