Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A foreign person must give a register notice to the Registrar if the foreign person takes an action:
(a) that is a notifiable action under section 47; and
(b) to which paragraph 47(2)(a) (acquiring direct interest in Australian entity or business that is an agribusiness) or (b) (acquiring substantial interest in Australian entity) applies.
Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).
(2) If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.
When registered circumstances exist and cease | ||
Item | A registered circumstance under this section exists in relation to the foreign person if ... | The registered circumstance ceases if ... |
1 | subparagraph 47(2)(a)(i) (acquiring direct interest in Australian entity that is an agribusiness) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian entity mentioned in subparagraph 47(2)(a)(i); or (b) the Australian entity ceases to be an Australian entity; or (c) the Australian entity ceases to exist. |
2 | subparagraph 47(2)(a)(ii) (acquiring direct interest in Australian business that is an agribusiness) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian business referred to in subparagraph 47(2)(a)(ii); or (b) the Australian business ceases to be an Australian business; or (c) the Australian business ceases to be carried on. |
3 | paragraph 47(2)(b) (acquiring substantial interest in Australian entity) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian entity mentioned in paragraph 47(2)(b); or (b) the Australian entity ceases to be an Australian entity; or (c) the Australian entity ceases to exist. |
(3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under an item of the table in subsection (2).
Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under an item of the table.
(4) The registrable event day for a register notice under this section is the day on which the foreign person takes the notifiable action.
Application--Register commencement day
(5) This section applies to actions taken on or after the Register commencement day.