Foreign Acquisitions and Takeovers Amendment Act 2010 (1 of 2010)

Schedule 1   Amendments

Foreign Acquisitions and Takeovers Act 1975

20   Subsection 26(6)

Repeal the subsection, substitute:

(6) In this section, a reference to an agreement by virtue of which a person acquires a substantial interest in a corporation is a reference to an agreement by virtue of which:

(a) the person:

(i) starts to hold a substantial interest in the corporation; or

(ii) would start to hold a substantial interest in the corporation on the assumption that the person held interests in shares that are interests that he or she has offered to acquire; or

(iii) would start to hold a substantial interest in the corporation on the assumption that the person held rights to votes that might be cast at a general meeting of the corporation that are rights that he or she has offered to acquire; or

(b) if the person already holds a substantial interest in the corporation - any of the following conditions are satisfied:

(i) the person becomes in a position to control more of the voting power or potential voting power in the corporation;

(ii) the person starts to hold additional interests in the issued shares in the corporation;

(iii) the person would start to hold additional interests in the issued shares in the corporation, if shares in the corporation were issued as the result of the exercise of all rights of a kind mentioned in subsection 11(2A).