Foreign Acquisitions and Takeovers Act 1975
View history note
Hide history noteA person commits an offence if:
(a) the person is a foreign person; and
(b) the person gives a notice to the Treasurer stating that a significant action (including a significant action that is a notifiable action), a notifiable national security action or a reviewable national security action is proposed to be taken; and
(c) the person takes the action (other than because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities)); and
(d) the action is taken before the day mentioned in section 82 ; and
(e) if a change in control is required for the action to be a significant action - there is a change in control as a result of the action.
Note 1: 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) ).
Note 2: A notice might be given under section 81 or because a foreign person chooses to give a notice despite not being required to do so.
Penalty: Imprisonment for 10 years, or 15,000 penalty units (or 150,000 penalty units if the person is a corporation), or both.
85(2)
A person commits an offence if: (a) the person is a foreign person; and (b) the Treasurer gives the person a notice under subsection 66A(4) in relation to an action; and (c) at the time the Treasurer gave the notice to the person, the action had not been taken; and (d) the person takes the action (other than because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities)); and (e) the action is taken before the day mentioned in section 82 ; and (f) if a change in control is required for the action to be a significant action - there is a change in control as a result of the action.
Note 1: 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) ).
Note 2: A notice might be given under section 81 or because a foreign person chooses to give a notice despite not being required to do so.
Penalty: Imprisonment for 10 years, or 15,000 penalty units, or both.
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