Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 57

  (1)   A person may apply for a certificate under this section if:

  (a)   the person or any other person proposes to acquire or has acquired an interest in Australian land; and

  (b)   the person or other person proposes to dispose of new dwellings to foreign persons that will be, are being or have been built on that land.

Note:   See also Part   6 (fees) and section   135 (manner of notification and application).

  (2)   The Treasurer may give a certificate if the Treasurer is satisfied that the disposal of the new dwellings to foreign persons is not contrary to the national interest.

  (3)   The certificate must specify:

  (a)   the person (who may not yet be incorporated or established) to whom the certificate relates; and

  (b)   the interest to which the certificate relates.

Note:   For other things that the certificate may specify, see section   60.