Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 76

  (1)   A no objection notification given to a person under section   74 or 75 must:

  (a)   specify the following:

  (i)   the one or more actions to which the notification relates;

  (ii)   the one or more foreign persons to which the notification relates; and

  (b)   include the following:

  (i)   a requirement that the actions to which the notification relates, if taken, must be taken before the end of a specified period after the day the notification is given;

  (ii)   a statement to the effect that the Treasurer may, in certain circumstances review the actions to which the notification relates under Division   3 and exercise powers under that Division.

  (2)   The no objection notification may specify a foreign person by specifying:

  (a)   a foreign person that:

  (i)   is not yet incorporated; or

  (ii)   is a trustee of a trust that is not yet established; and

  (b)   the way in which the foreign person is to be incorporated or the trust is to be established.

  (3)   A foreign person is taken not to be specified in a no objection notification if:

  (a)   the notification specified the foreign person under subsection   (2) before the foreign person was incorporated or the trust was established; and

  (b)   the foreign person is not incorporated or the trust is not established in the way specified in the notification.

Note:   The protection under section   70 from disposal orders applies to a foreign person only if the foreign person is specified in a no objection notification.

  (4)   The period mentioned in subparagraph   (1)(b)(i) is:

  (a)   the period prescribed by the regulations; or

  (b)   if the Treasurer is satisfied that a longer period is not contrary to national security or the national interest--that longer period.

  (5)   A single notification may include a no objection notification under each of sections   74 and 75 in relation to different actions.

Variation of no objection notification

  (6)   A person given a no objection notification may apply to the Treasurer for a variation of the notification (including after the action specified in the notification is taken).

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

  (7)   An application for an extension of a period specified in a no objection notification must be made 2 months before the end of the period.

  (8)   The Treasurer may vary a no objection notification if:

  (a)   in the case of a no objection notification given in relation to an action of a kind mentioned in subsection   74(1) or 75(1)--the Treasurer is satisfied that the variation is not contrary to the national interest; and

  (b)   in the case of a no objection notification given in relation to an action of a kind mentioned in subsection   74(1A) or 75(1A)--the Treasurer is satisfied that the variation is not contrary to national security.