Foreign Investment Reform (Protecting Australia's National Security) Act 2020 (114 of 2020)

Schedule 1   Main amendments

Part 1   Amendment of the Foreign Acquisitions and Takeovers Act 1975

Foreign Acquisitions and Takeovers Act 1975

174   Subsection 94(2)

Repeal the subsection, substitute:

(2) If:

(a) a foreign person gives a notice to the Treasurer stating that any of the following actions are proposed to be taken:

(i) a significant action (including a significant action that is a notifiable action) that is a residential land acquisition;

(ii) a notifiable national security action that is a residential land acquisition;

(iii) a reviewable national security action that is a residential land acquisition; or

(b) both:

(i) a foreign person proposes to take an action that is a residential land acquisition; and

(ii) the Treasurer has given a notice under subsection 66A(4) in relation to the action;

the foreign person must not take the action before the day mentioned in section 82.