Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 130ZN

  (1)   A foreign person must give a register notice to the Registrar if:

  (a)   there is a registered circumstance in relation to the foreign person under a provision mentioned in subsection   (4); and

  (b)   in relation to that registered circumstance, the Register records the foreign person as holding an interest in an entity or business of a particular percentage; and

  (c)   the percentage interest that the foreign person holds in the entity or business differs from the percentage mentioned in paragraph   (b) by 5% or more; and

  (d)   the foreign person is aware, or ought reasonably to have become aware, of the difference mentioned in paragraph   (1)(c).

Note 1:   For example, if the Register records a foreign person as holding a 30% interest in an Australian entity, the person must give notice to the Registrar if the person is aware, or ought reasonably to have become aware, that the person's interest in the entity has changed to 35% or more or 25% or less.

Note 2:   A registered circumstance may exist only on or after the Register commencement day.

  (2)   In working out a percentage interest for the purposes of paragraph   (1)(c), disregard an equitable interest.

  (3)   The registrable event day for a register notice under this section is the first day on which the person is aware, or ought reasonably to become aware, of the difference mentioned in paragraph   (1)(c).

  (4)   For the purposes of paragraph   (1)(a), the provisions are the following:

  (a)   item   1 or 2 of the table in subsection   130ZH(2) (significant actions under section   40--entities);

  (b)   item   1 or 2 of the table in subsection   130ZI(2) (significant actions under section   41--businesses);

  (c)   item   1, 2 or 3 of the table in subsection   130ZJ(2) (notifiable actions under section   47--entities and businesses);

  (d)   item   2 or 3 of the table in subsection   130ZK(2) (notifiable national security actions under section   55B);

  (e)   item   1 of the table in subsection   130ZL(2) (reviewable national security actions under section   55D--entities);

  (f)   item   1 or 2 of the table in subsection   130ZM(2) (reviewable national security actions under section   55E--businesses);

  (g)   a provision of regulations made for the purposes of subsection   130ZU(1), if the regulations provide that this section applies to the registered circumstance.