Foreign Acquisitions and Takeovers Act 1975
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Hide history noteFailing to give notice - general case
91(1)
A foreign person who proposes to take a notifiable action or notifiable national security action (other than because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities)) must give a notice under subsection 81(1) before taking the action.
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) ).
Failing to give notice - increasing percentage of interests without acquiring additional interests in securities
91(2)
A foreign person who takes a notifiable action or notifiable national security action because of the operation of section 18A (increasing percentage of interests without acquiring additional interests in securities) must give a notice to the Treasurer before the end of 30 days after the action is taken.
Note: The notice may be given before or after the action is taken.
Civil penalty provisions
91(3)
A person who contravenes subsection (1) or (2) is liable to a civil penalty.
91(4)
The maximum penalty for the contravention is the lesser of the following: (a) 2,500,000 penalty units; (b) the greater of the following:
(i) 5,000 penalty units (or 50,000 penalty units if the person is a corporation);
(ii) the amount worked out under section 98F for the action.
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