Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 55E

  (1)   An action is a reviewable national security action if:

  (a)   the action is taken, or proposed to be taken, by a person and the action is any of the following:

  (i)   to acquire an interest of any percentage in an Australian business;

  (ii)   to acquire an interest in the assets of an Australian business;

  (iii)   to enter or terminate a significant agreement with an Australian business; and

  (b)   as a result of the action or proposed action:

  (i)   a foreign person acquires, or will acquire, a direct interest in the Australian business and that acquisition, or proposed acquisition, is not a significant action, notifiable action or notifiable national security action; or

  (ii)   a foreign person will be in a position, or more of a position, to influence or participate in the central management and control of the Australian business; or

  (iii)   a foreign person will be in a position, or more of a position, to influence, participate in or determine the policy of the Australian business; and

  (c)   the action is or was not otherwise a significant action, a notifiable action or a notifiable national security action.

  (2)   An action is also a reviewable national security action if:

  (a)   the action is taken, or proposed to be taken, by a foreign person and the action is to start an Australian business; and

  (b)   the action is or was not otherwise a significant action, a notifiable action or a notifiable national security action.