Foreign Acquisitions and Takeovers Act 1975
View history note
Hide history noteFailing to give notice - general case
84(1)
A person commits an offence if:
(a) the person is a foreign person; and
(b) the person takes an action (other than because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities)); and
(c) the action is a notifiable action or notifiable national security action; and
(d) a notice is not given under subsection 81(1) in relation to the action before the action is taken.
Note: If a person takes an action by entering an agreement, the action is not taken until the agreement is binding on the person (see subsections 15(4) and (5) ).
Penalty: Imprisonment for 10 years, or 15,000 penalty units (or 150,000 penalty units if the person is a corporation), or both.
Failing to give notice - increasing percentage of interests without acquiring additional interests in securities
84(2)
A person commits an offence if: (a) the person is a foreign person; and (b) the person takes an action because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities); and (c) the action is a notifiable action or a notifiable national security action; and (d) the person does not give a notice as required by subsection 81(1A) before the end of 30 days after the action is taken.
Note: The notice may be given before or after the action is taken.
Penalty: Imprisonment for 10 years, or 15,000 penalty units (or 150,000 penalty units if the person is a corporation), or both.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
