Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Board must take all reasonable steps to ensure that each investment of a Corporation body is at all times solely or mainly Australian - based.
(2) As soon as practicable after the Board becomes aware that an investment of a Corporation body has ceased to be, or never was, solely or mainly Australian - based, the Board must give the Ministers a written statement:
(a) informing the Ministers; and
(b) setting out the action that the Board proposes to take in order to ensure that all investments of the Corporation body are solely or mainly Australian - based.
(3) If the Ministers are satisfied that an investment of a Corporation body has ceased to be, or was never, solely or mainly Australian - based, the Ministers may (whether or not the Board has given the Ministers a statement under subsection (2)), by written notice given to the Board, direct the Board:
(a) to give the Ministers, within a period specified in the notice, a written explanation; and
(b) to take action specified in the notice, within a period specified in the notice, in order to ensure that all investments of the Corporation body are solely or mainly Australian - based.
(4) The Board must comply with a direction under subsection (3).
(5) The fact that an investment of a Corporation body has ceased to be, or never was, solely or mainly Australian - based, does not affect the validity of any transaction.
(6) A direction under subsection (3) is not a legislative instrument.