An Act relating to the foreign acquisition of certain land
interests and to the foreign control of certain business enterprises and
mineral rights
                  This
Act may be cited as the Foreign
Acquisitions and Takeovers Act 1975.
                  This
Act shall come into operation on a date to be fixed by Proclamation.
            (1) The Companies
(Foreign Take‑overs) Act 1972, the Companies (Foreign Take‑overs) Act 1973 and the Companies (Foreign Take‑overs) Act
1974 are repealed.
            (2) Notwithstanding the repeal of the Companies (Foreign Take‑overs) Act
1972‑1974, that Act, other than section 17 shall be deemed to
continue in force in relation to:
                    (a) an offer (including an offer constituting, or
made in pursuance of an invitation constituting, a take‑over offer) to
sell or purchase shares that was accepted before the date of commencement of
this Act; and
                    (b) an issue of shares that occurred before that
date.
            (3) Without limiting the generality of
subsection (2), orders may be made under sections 14 and 15 of the
repealed Act in pursuance of that subsection.
            (4) For the
purposes of this Act, but without limiting the operation of
subsection (2):
                    (b) an order in force under subsection 13(6) of
the repealed Act immediately before that date has effect on and after that date
as if it were an order made under section 22 of this Act;
                    (c) an order in force under paragraph 13(2)(c) or
(3)(c) of the repealed Act immediately before that date has effect on and after
that date as if it were an order made under subsection 18(2) of this Act; and
                    (d) an order in force under paragraph 13(2)(d) or
(3)(d) of the repealed Act immediately before that date has effect on and after
that date as if it were an order made under subsection 18(3) of this Act.
         (4A) For the purposes of the institution, after the
commencement of this subsection, of proceedings for an offence referred to in
section 21 of the Companies (Foreign
Take‑overs) Act 1972, the reference in that section to the
Commonwealth Industrial Court shall be read as a reference to the Federal Court
of Australia.
            (5) Nothing in this section affects the operation
of section 8 of the Acts
Interpretation Act 1901‑1973.
            (6) Expressions used in this section have the same
respective meanings as they had in the repealed Act.
            (1) Without prejudice to its effect apart from this
subsection, this Act also has, by force of this subsection, the effect it would
have if references in sections 19 and 21 to an Australian business carried
on solely by a prescribed corporation or prescribed corporations were
references to an Australian business carried on by a prescribed corporation or
prescribed corporations together with any other person or persons.
            (2) Without prejudice to its effect apart from
this subsection, this Act also has, by force of this subsection, the effect it
would have if references in sections 19 and 21 to an Australian business
carried on solely by a prescribed corporation or prescribed corporations were
references to an Australian business carried on solely by a person other than a
prescribed corporation or persons other than prescribed corporations.
            (3) Without prejudice to its effect apart from
this subsection, this Act also has, by force of this subsection, the effect it
would have if references in sections 19 and 21 to a foreign person were
references to:
                    (a) a natural person not ordinarily resident in Australia;
                    (b) a corporation (other than a foreign
corporation) in which a natural person not ordinarily resident in Australia
or a foreign corporation holds a controlling interest;
                    (c) a corporation (other than a foreign
corporation) in which 2 or more persons, each of whom is either a natural
person not ordinarily resident in Australia
or a foreign corporation, hold an aggregate controlling interest;
                    (d) the trustee of a trust estate in which a
natural person not ordinarily resident in Australia
or a foreign corporation holds a substantial interest; or
                    (e) the trustee of a trust estate in which 2 or
more persons, each of whom is either a natural person not ordinarily resident
in Australia or
a foreign corporation, hold an aggregate substantial interest.
            (4) Without prejudice to its effect apart from
this subsection, this Act also has, by force of this subsection, the effect it
would have if:
                    (a) references in sections 19 and 21 to a
foreign person were references to:
                             (i) a natural person not ordinarily resident in Australia;
                            (ii) a corporation (other than a foreign
corporation) in which a natural person not ordinarily resident in Australia
or a foreign corporation holds a controlling interest;
                           (iii) a corporation (other than a foreign
corporation) in which 2 or more persons, each of whom is either a natural
person not ordinarily resident in Australia
or a foreign corporation, hold an aggregate controlling interest;
                           (iv) the trustee of a trust estate in which a
natural person not ordinarily resident in Australia
or a foreign corporation holds a substantial interest; or
                            (v) the trustee of a trust estate in which 2 or
more persons, each of whom is either a natural person not ordinarily resident
in Australia or a foreign corporation, hold an aggregate substantial interest;
and
                    (b) references in those sections to an Australian
business carried on solely by a prescribed corporation or prescribed
corporations were references to an Australian business carried on by a
prescribed corporation or prescribed corporations together with any other
person or persons.
            (5) Without prejudice to its effect apart from
this subsection, this Act also has, by force of this subsection, the effect it
would have if:
                    (a) references in sections 19 and 21 to a
foreign person were references to:
                             (i) a natural person not ordinarily resident in Australia;
                            (ii) a corporation (other than a foreign
corporation) in which a natural person not ordinarily resident in Australia
or a foreign corporation holds a controlling interest;
                           (iii) a corporation (other than a foreign
corporation) in which 2 or more persons, each of whom is either a natural
person not ordinarily resident in Australia
or a foreign corporation, hold an aggregate controlling interest;
                           (iv) the trustee of a trust estate in which a
natural person not ordinarily resident in Australia
or a foreign corporation holds a substantial interest; or
                            (v) the trustee of a trust estate in which 2 or
more persons, each of whom is either a natural person not ordinarily resident
in Australia or a foreign corporation, hold an aggregate substantial interest;
and
                    (b) references in those sections to an Australian
business carried on solely by a prescribed corporation or prescribed
corporations were references to an Australian business carried on solely by a
person other than a prescribed corporation or persons other than prescribed
corporations.
            (6) Without prejudice to its effect apart from
this subsection, this Act also has, by force of this subsection, the effect it
would have if references in section 21A to a foreign person were
references to:
                    (a) a natural person not ordinarily resident in Australia;
                    (b) a corporation (other than a foreign
corporation) in which a natural person not ordinarily resident in Australia
or a foreign corporation holds a substantial interest;
                    (c) a corporation (other than a foreign
corporation) in which 2 or more persons, each of whom is either a natural
person not ordinarily resident in Australia or a foreign corporation, hold an
aggregate substantial interest;
                    (d) the trustee of a trust estate in which a
natural person not ordinarily resident in Australia
or a foreign corporation holds a substantial interest; or
                    (e) the trustee of a trust estate in which 2 or
more persons, each of whom is either a natural person not ordinarily resident
in Australia or
a foreign corporation, hold an aggregate substantial interest.
            (1) In this Act, unless the contrary intention
appears:
acquisition includes an agreement to acquire, but does not
include an acquisition:
                    (a) by will or by devolution by operation of law;
or
                    (b) by way of enforcement of a security held
solely for the purposes of a moneylending agreement.
agreement means any agreement, whether formal or informal and
whether express or implied, other than a moneylending agreement.
asset includes an interest in an asset.
Australia
includes the external Territories to which this Act extends.
Australian corporation means a corporation of a kind referred
to in paragraph 13(1)(a), (b) or (c).
Australian rural land means land situated in Australia
that is used wholly and exclusively for carrying on a business of primary
production.
Australian urban land means land situated in Australia
that is not Australian rural land.
Australian urban land corporation means a corporation to which
section 13C applies.
Australian urban land trust estate means a trust estate to
which section 13D applies.
balance‑sheet includes a statement of assets and
liabilities or any similar document.
constituent document, in relation to a corporation, means the
constitution of the corporation or any rules or other document constituting the
corporation or governing its activities.
debenture includes debenture stock, bonds, notes and any other
document evidencing or acknowledging indebtedness of a corporation, whether
constituting a charge on the assets of the corporation or not.
director includes any person occupying the position of director
of a corporation, by whatever name called.
financial corporation means a financial corporation to which
paragraph 51(xx) of the Constitution is applicable, and includes a corporation
formed within the limits of Australia that carries on as its sole or principal
business the business of banking or insurance, other than banking or insurance
to which paragraph 51(xiii) or (xiv) of the Constitution, as the case may be,
is not applicable.
foreign corporation means a foreign corporation to which
paragraph 51(xx) of the Constitution is applicable or a corporation that is
incorporated in an external Territory to which this Act does not extend.
foreign government investor has the meaning given by
section 17F.
foreign person means:
                    (a) a natural person not ordinarily resident in Australia;
                    (b) a corporation in which a natural person not
ordinarily resident in Australia
or a foreign corporation holds a controlling interest;
                    (c) a corporation in which 2 or more persons, each
of whom is either a natural person not ordinarily resident in Australia
or a foreign corporation, hold an aggregate controlling interest;
                    (d) the trustee of a trust estate in which a
natural person not ordinarily resident in Australia
or a foreign corporation holds a substantial interest; or
                    (e) the trustee of a trust estate in which 2 or
more persons, each of whom is either a natural person not ordinarily resident
in Australia or
a foreign corporation, hold an aggregate substantial interest.
interest in Australian urban land has the meaning given by
section 12A.
land includes a building or other structure, or a part of a
building or other structure.
lease includes a sub‑lease.
mineral right means:
                    (a) a right (however described) under a law of the
Commonwealth or of a State or Territory to recover minerals, other than a right
to recover minerals for the purposes of prospecting or exploring for minerals;
                    (b) a lease by virtue of which the lessee has a
right falling within paragraph (a); or
                    (c) an interest in a right falling within
paragraph (a) or in a lease falling within paragraph (b).
moneylending agreement means an agreement entered into in good
faith in the ordinary course of carrying on a business of lending money, not
being an agreement dealing with any matter unrelated to the carrying on of that
business.
officer, in relation to a corporation, includes:
                    (a) a director, secretary or employee of the
corporation;
                    (b) a receiver and manager of any part of the
undertaking of the corporation appointed under a power contained in any
instrument; or
                    (c) a liquidator of the corporation appointed in a
voluntary winding up.
prescribed foreign government investor has the meaning given by
section 17G.
prescribed foreign investor has the meaning given by
section 17E.
prescribed sensitive sector has the meaning given by
section 17H.
primary production has the same meaning as in the Income Tax Assessment Act 1936.
profit and loss account includes any statement of profits and
losses or any similar document.
repealed Act means the Companies
(Foreign Take‑overs) Act 1972‑1974.
share, in relation to a corporation, means a share in the share
capital of the corporation, and:
                    (a) includes stock into which all or any of the
share capital of the corporation has been converted; and
                    (b) except in section 11 or 26, includes an
interest in such a share or in such stock.
Territory means an internal Territory or an external Territory
to which this Act extends.
trading corporation means a trading corporation to which
paragraph 51(xx) of the Constitution is applicable.
            (2) In this Act, a reference to the determination
of the policy of a business of exploiting a mineral right includes a reference
to the determination of questions relating to the disposal of the right.
            (3) In this Act:
                    (a) a reference to a person proposing to acquire
shares or assets includes:
                             (i) a reference to a person making an offer to
acquire shares or assets;
                            (ii) a reference to a person making or publishing a
statement, however expressed, that expressly or impliedly invites a holder of
shares or assets to offer to dispose of shares or assets; and
                           (iii) a reference to a person taking part in, or
proposing to take part in, negotiations with a view to the acquisition of
shares or assets;
                   (aa) a reference to a person proposing to acquire
an interest in Australian urban land includes:
                             (i) a reference to a person making an offer to
acquire such an interest;
                            (ii) a reference to a person making or publishing a
statement, however expressed, that expressly or impliedly invites a holder of
such an interest to offer to dispose of that interest; and
                           (iii) a reference to a person taking part in, or
proposing to take part in, negotiations with a view to the acquisition of such
an interest;
                    (b) a reference to a person proposing to enter
into an agreement or arrangement includes a reference to a person taking part in,
or proposing to take part in, negotiations with a view to entering into an
agreement or arrangement; and
                    (c) a reference to a person proposing to terminate
an arrangement includes a reference to a person taking part in, or proposing to
take part in, negotiations with a view to terminating an arrangement.
            (4) In this Act, a reference to entering into an
arrangement is a reference to entering into any formal or informal scheme,
arrangement or understanding, whether expressly or by implication, and, without
limiting the generality of the foregoing, includes a reference to:
                    (a) entering into an agreement, other than a
moneylending agreement;
                    (b) creating a trust, whether express or implied;
and
                    (c) entering
into a transaction;
and references to an arrangement shall be construed
accordingly.
            (5) In this Act, a reference to entering into an
agreement or arrangement includes a reference to altering or varying an
agreement or arrangement.
            (6) In this Act, an act done or proposed to be
done by an agent on behalf of his principal shall be deemed to be done or
proposed to be done by his principal.
            (8) A reference in this Act to an offence against
this Act or against a particular provision of this Act includes a reference to
an offence consisting of an attempt to commit such an offence.
            (1) For the purposes of this Act, a natural person
who is not an Australian citizen is ordinarily resident in Australia
at a particular time if and only if:
                    (a) the person has actually been in Australia
during 200 or more days in the period of 12 months immediately preceding that
time; and
                    (b) at that time, either:
                             (i) the person is in Australia
and the person’s continued presence in Australia
is not subject to any limitation as to time imposed by law; or
                            (ii) the person is not in Australia
but, immediately before the person’s most recent departure from Australia,
the person’s continued presence in Australia
was not subject to any limitation as to time imposed by law.
            (2) For the purposes of paragraph (1)(b), but
without otherwise limiting the generality of that paragraph, a person’s
continued presence in Australia
is subject to a limitation as to time imposed by law if the person is an
unlawful non‑citizen within the meaning of the Migration Act 1958.
                  For
the purposes of this Act, the following persons are associates of a person:
                    (a) the person’s spouse or a parent or remoter
lineal ancestor, son, daughter or remoter issue, brother or sister of the
person;
                    (b) any partner of the person;
                    (c) any corporation of which the person is an
officer;
                    (d) where the person is a corporation—any officer
of the corporation;
                    (e) any employee or employer of the person;
                     (f) any officer of any corporation of which the
person is an officer;
                    (g) any employee of a natural person of whom the
person is an employee;
                    (h) any corporation whose directors are accustomed
or under an obligation, whether formal or informal, to act in accordance with
the directions, instructions or wishes of the person or, where the person is a
corporation, of the directors of the person;
                     (i) any corporation in accordance with the
directions, instructions or wishes of which, or of the directors of which, the
person is accustomed or under an obligation, whether formal or informal, to
act;
                     (j) any corporation in which the person holds a
substantial interest;
                    (k) where the person is a corporation—a person who
holds a substantial interest in the corporation;
                   (ka) the trustee of a trust estate in which the
person holds a substantial interest;
                   (kb) where the person is the trustee of a trust
estate—a person who holds a substantial interest in the trust estate;
                     (l) any person who is, by virtue of this section,
an associate of any other person who is an associate of the person (including a
person who is an associate of the person by another application or other
applications of this paragraph).
            (1) A reference in this Act to an Australian
business is a reference to a business that is carried on wholly or partly in Australia
in anticipation of profit or gain.
            (2) For the purposes of this Act, the holder of a
mineral right shall, by virtue of his holding that right, be deemed to carry on
in Australia, in anticipation of profit or gain, a business of exploiting that
right, and that right shall be deemed to be an asset of that business.
            (3) A reference in this Act, other than this
section, to an Australian business does not include a reference to a business
that is, or is deemed to be, carried on by any of the following persons,
whether alone or together with any other person or persons:
                    (a) the Commonwealth, a State or a Territory;
                    (b) a corporation constituted for a public purpose
by a law of the Commonwealth or of a State or Territory; or
                    (c) a local governing body.
                  A
reference in this Act to control of the voting power in a corporation is a
reference to control that is direct or indirect, including control that is
exercisable as a result or by means of arrangements or practices, whether or
not having legal or equitable force, and whether or not based on legal or
equitable rights.
            (1) For the purposes of this Act:
                    (a) a person shall be taken to hold a substantial
interest in a corporation if the person, alone or together with any associate
or associates of the person, is in a position to control not less than 15 per
centum of the voting power in the corporation or holds interests in not less
than 15 per centum of the issued shares in the corporation; and
                    (b) 2 or more persons shall be taken to hold an
aggregate substantial interest in a corporation if they, together with any
associate or associates of any of them, are in a position to control not less
than 40 per centum of the voting power in the corporation or hold interests in
not less than 40 per centum of the issued shares in the corporation.
            (2) Where:
                    (a) a person holds a substantial interest in a
corporation; or
                    (b) 2 or
more persons hold an aggregate substantial interest in a corporation;
that person shall be taken to hold a controlling interest
in the corporation, or those persons shall be taken to hold an aggregate
controlling interest in the corporation, as the case may be, unless the
Treasurer is satisfied that, having regard to all the circumstances, that
person together with the associate or associates (if any) of that person is
not, or those persons together with the associate or associates (if any) of
each of them are not, in a position to determine the policy of the corporation.
            (1) For the purposes of this Act:
                    (a) a person shall be taken to hold a substantial
interest in a trust estate if the person, alone or together with an associate
or associates, holds a beneficial interest in not less than 15% of the corpus
or income of the trust estate; or
                    (b) 2 or more persons shall be taken to hold an
aggregate substantial interest in a trust estate if the persons, together with
an associate or associates, hold, in the aggregate, beneficial interests in not
less than 40% of the corpus or income of the trust estate.
            (2) Where, under the terms of a trust, a trustee
has a power or discretion as to the distribution of the income or corpus of the
trust estate to beneficiaries, each beneficiary shall, for the purposes of
subsection (1), be taken to hold a beneficial interest in the maximum
percentage of income or corpus of the trust estate that the trustee is
empowered to distribute to that beneficiary.
            (1) For the purposes of this Act, but subject to
subsection (2):
                    (a) a corporation shall be deemed to be a
subsidiary of another corporation if that other corporation:
                             (i) is in a position to control more than one‑half
of the voting power in the first‑mentioned corporation; or
                            (ii) holds more than one‑half of the issued
shares in the first‑mentioned corporation (excluding any shares that
carry no right to participate beyond a specified amount in a distribution of
either profits or capital); and
                    (b) a corporation shall be deemed to be a
subsidiary of another corporation if the first‑mentioned corporation is a
subsidiary of any corporation that is that other corporation’s subsidiary
(including a corporation that is that other corporation’s subsidiary by another
application or other applications of this paragraph).
            (2) In determining whether a corporation is a
subsidiary of another corporation:
                    (a) any shares held or power exercisable by that
other corporation in a fiduciary capacity shall be treated as not held or
exercisable by it;
                    (b) subject to paragraphs (c) and (d), any
shares held or power exercisable:
                             (i) by any person as a nominee for that other
corporation (except where that other corporation is concerned only in a fiduciary
capacity); or
                            (ii) by,
or by a nominee for, a subsidiary of that other corporation, not being a
subsidiary that is concerned only in a fiduciary capacity;
                           shall
be treated as held or exercisable by that other corporation;
                    (c) any shares held or power exercisable by any
person by virtue of the provisions of any debentures of the first‑mentioned
corporation, or of a trust deed for securing any issue of such debentures,
shall be disregarded; and
                    (d) any shares held or power exercisable by, or by
a nominee for, that other corporation or its subsidiary (not being held or
exercisable as mentioned in paragraph (c)) shall be treated as not held or
exercisable by that other corporation if the ordinary business of that other
corporation or its subsidiary, as the case may be, includes the lending of
money and the shares are held or the power is exercisable solely by way of
security for the purposes of a moneylending agreement.
            (3) A reference in this Act to a holding
corporation of another corporation is a reference to a corporation of which
that other corporation is a subsidiary.
            (1) Subject to this section, a person holds an
interest in a share if he has any legal or equitable interest in that share.
            (2) Without limiting the generality of
subsection (1), where a person:
                    (a) has entered into a contract to purchase a
share;
                    (b) has a right, otherwise than by reason of
having an interest under a trust, to have a share transferred to himself or to
his order, whether the right is exercisable presently or in the future and
whether on the fulfilment of a condition or not;
                    (c) has the right to acquire a share, or an
interest in a share, under an option, whether the right is exercisable
presently or in the future and whether on the fulfilment of a condition or not;
or
                    (d) is
entitled (otherwise than by reason of his having been appointed a proxy or
representative to vote at a meeting of members of a corporation or of a class
of its members) to exercise or control the exercise of a right attached to a
share, not being a share of which he is the registered holder;
that person shall be deemed to hold an interest in that
share.
            (3) A person shall not be deemed not to hold an
interest in a share by reason only that he holds the interest in the share
jointly with another person.
            (4) It is immaterial, for the purpose of
determining whether a person holds an interest in a share, that the interest
cannot be related to a particular share.
            (5) There shall be disregarded:
                    (a) an interest in a share of a person whose
ordinary business includes the lending of money if he holds the interest solely
by way of security for the purposes of a moneylending agreement;
                    (b) an interest of a person in a share, being an
interest held by him by reason of his holding a prescribed office; and
                    (c) an interest of a prescribed kind in a share,
being an interest of such person, or of the persons included in such class of
persons, as is prescribed.
            (6) An interest in a share shall not be
disregarded by reason only of:
                    (a) its remoteness;
                    (b) the manner in which it arose; or
                    (c) the fact that the exercise of a right
conferred by the interest is or is capable of being made subject to restraint
or restriction.
            (7) In relation to a corporation the whole or a
portion of the share capital of which consists of stock, an interest of a
person in any such stock shall be deemed to be an interest in an issued share
in the corporation having the same nominal amount as the amount of that stock
and having attached to it the same rights as are attached to that stock.
                  For
the purpose of determining whether a person holds an interest in an asset, the
provisions of section 11 (other than paragraph (2)(d),
subsection (4), paragraphs (5)(b) and (c) and subsection (7))
have effect as if references in those provisions to a share were references to
an asset.
            (1) In this Act, interest in Australian urban land
means:
                    (a) a legal or equitable interest in Australian
urban land, other than an interest under a lease or licence or in a unit in a
unit trust estate;
                    (b) an interest in a share in a company that owns
Australian urban land, being a share that entitles the holder to a right to
occupy a dwelling of a kind known as a flat or home unit situated on the land;
                    (c) an interest as lessee or licensee in a lease
or licence giving rights to occupy Australian urban land where the term of the
lease or licence (including any extension) is reasonably likely, at the time
the interest is acquired, to exceed 5 years;
                    (d) an interest in an arrangement involving the
sharing of profits or income from the use of, or dealings in, Australian urban
land;
                    (e) an interest in a share in an Australian urban
land corporation;
                     (f) an interest in a unit in an Australian urban
land trust estate; or
                    (g) if the trustee of an Australian urban land
trust estate is a corporation—an interest in a share in that corporation.
            (2) For the purposes of this Act, an interest is
an interest in Australian urban land even if it is the only interest that
exists in the land or other thing concerned.
            (3) For the purposes of this Act, a person
acquires an interest in Australian urban land even if:
                    (a) the person acquires the interest jointly with
another person or persons;
                    (b) the person has previously acquired an interest
in Australian urban land; or
                    (c) the interest is an increase in the amount of
an existing interest of the person in Australian urban land.
            (4) For the purposes of this Act, where a person:
                    (a) enters into an agreement; or
                    (b) acquires
an option;
to acquire an interest in Australian urban land, the
person shall be taken to have acquired that interest in Australian urban land.
            (5) For the purposes of this Act, a person shall
be taken not to acquire an interest in Australian urban land if the person
acquires the interest:
                    (a) solely to hold as security for the purposes of
a moneylending agreement; or
                    (b)
by way of enforcement of a security held
solely for the purposes of a moneylending agreement.
            (6) For the purposes of this Act, a person shall
be taken not to acquire an interest in Australian urban land if the person
acquires the interest by will or by devolution by operation of law.
            (7) A reference in this Act to the acquisition of
an interest in Australian urban land does not include a reference to the
acquisition of an interest in Australian urban land from:
                    (a) the Commonwealth, a State or a Territory;
                    (b) a corporation constituted for a public purpose
by a law of the Commonwealth or of a State or Territory; or
                    (c) a local governing body.
            (8) Where the regulations provide that this Act,
or a specified provision or provisions of this Act, does not or do not apply in
relation to an acquisition, of a kind specified in the regulations, of an interest
in Australian urban land, this Act, or the provision or provisions, does not or
do not so apply.
            (1) For the purposes of this Act, a reference to a
person holding an interest in a trust estate is a reference to a person holding
a beneficial interest in the corpus or income of the trust estate.
            (2) For the purposes of this Act, where a person:
                    (a) has entered into a contract to purchase a
beneficial interest in the corpus or income of a trust estate;
                    (b) has a right, otherwise than by reason of
holding an interest in a trust estate, to have such an interest transferred to
the person or to the person’s order (whether the right is exercisable presently
or in the future) and whether on the fulfilment of a condition or not; or
                    (c) has
the right to acquire such an interest under an option (whether the right is
exercisable presently or in the future) and whether on the fulfilment of a
condition or not;
the person shall be taken to hold that interest in the
trust estate.
            (3) For the purposes of this Act, a person holds
an interest in a trust estate even if the person holds the interest jointly
with another person.
            (4) For the purposes of this Act, a person shall
be taken not to hold an interest in a trust estate if:
                    (a) the person holds the interest solely by way of
security for the purposes of a moneylending agreement; and
                    (b) the ordinary business of the person includes
the lending of money.
            (5) For the purposes of this Act, a person holds
an interest in a trust estate despite:
                    (a) its remoteness;
                    (b) the manner in which it arose; or
                    (c) the fact that the exercise of a right
conferred by the interest is, or is capable of being made, subject to restraint
or restriction.
                  Where:
                    (a) a person holds a substantial interest, or 2 or
more persons hold an aggregate substantial interest, (including a substantial
interest held by that person, or an aggregate substantial interest held by
those persons, by another application or other applications of this subsection)
in a corporation or a trust estate (which corporation or the trustee of which
trust estate is in this section called the first level entity); and
                    (b) the first level entity:
                             (i) is in a position to control all or any of the
voting power, or holds interests in all or any of the issued shares, in a
corporation (in this section called the second level corporation); or
                            (ii) holds
an interest in a trust estate (in this section called the second level trust estate);
the following provisions have effect for the purposes of
this Act:
                    (c) where subparagraph (b)(i) applies—the
person or those persons together shall be taken to be in a position to control
so much of the voting power of the second level corporation as the first level
entity is in a position to control or to hold the interests in the issued
shares in the second level corporation that the first level entity holds, as
the case may be;
                    (d) where subparagraph (b)(ii) applies—the
person or those persons together shall be taken to hold the interest in the
second level trust estate that the first level entity holds.
            (1) A reference in this Act to a prescribed
corporation is a reference to:
                    (a) a trading corporation;
                    (b) a financial corporation;
                    (c) a corporation incorporated in a Territory
under the law in force in that Territory relating to companies;
                    (d) a foreign corporation that, on its last
accounting date, held assets the sum of the values of which exceeded $20,000,000
or such other amount as is prescribed, being assets consisting of all or any of
the following:
                             (i) land situated in Australia
(including legal and equitable interests in such land);
                            (ii) mineral rights;
                           (iii) shares in a corporation incorporated in Australia;
                    (e) a foreign corporation that was, on its last
accounting date, a holding corporation of an Australian corporation or
Australian corporations, where the sum of the values on that date of the assets
of the Australian corporation or Australian corporations exceeded $20,000,000
or such other amount as is prescribed;
                     (f) a corporation that was, on its last accounting
date, a holding corporation of a foreign corporation referred to in
paragraph (d) or (e);
                    (g) a foreign corporation that, on its last
accounting date, held assets of a kind or kinds referred to in
paragraph (d), where the sum of the values on that date of those assets
was not less than one‑half of the sum of the values on that date of the
assets of that corporation and of all the subsidiaries of that corporation; or
                    (h) a foreign corporation that was, on its last
accounting date, a holding corporation of an Australian corporation or
Australian corporations, where the sum of the values on that date of the assets
of that Australian corporation or those Australian corporations was not less
than one‑half of the sum of the values on that date of the assets of the
foreign corporation and of all the subsidiaries of that corporation.
            (2) For the purposes of subsection (1), the
assets of a corporation shall be deemed not to include any shares in a
subsidiary of that corporation.
            (3) In this section, last accounting date, in
relation to a corporation, means the date of the expiration of the most recent
period in relation to which a profit and loss account of the corporation has
been laid before it in general meeting, including an account so laid before it
before the commencement of this Act.
            (4) For the purposes of this section, the value on
a particular date of an asset of a corporation shall be taken to be:
                    (a) the value of that asset as shown in the last
balance‑sheet of the corporation that was prepared and audited before
that date; or
                    (b) if no balance‑sheet of the corporation
was prepared and audited before that date, the value of that asset as shown on
that date in the accounting records of the corporation.
            (1) Sections 18 and 26 do not apply to shares
in an exempt corporation.
            (2) Section 20 does not apply to the control
of an exempt corporation.
            (3) Sections 19 and 21 do not apply to the
control of an exempt business.
            (4) For the purposes of this section:
exempt corporation means a corporation:
                    (a) that is of a kind referred to in paragraph
13(1)(a), (b), (c), (g) or (h); and
                    (b) the value of whose total assets, determined
under section 13B, does not exceed:
                             (i) if more than 50% of the value of those assets
is attributable to Australian rural land—$3,000,000 or such other amount as is
prescribed; or
                            (ii) in any other case—$5,000,000 or such other
amount as is prescribed;
exempt business means a business the value of whose total
assets, determined under section 13B, does not exceed:
                    (a) if more than 50% of the value of those assets
is attributable to Australian rural land—$3,000,000 or such other amount as is
prescribed; or
                    (b) in any other case—$5,000,000 or such other
amount as is prescribed.
            (1) For the purposes of Part IA,
or in determining whether a corporation is an exempt corporation, in relation
to the application of section 18 or 26, the value of a corporation’s total
assets at a particular time is:
                    (a) where the corporation is not a holding
corporation:
                             (i) the value of those assets as shown in the last
balance‑sheet of the corporation audited before that time or, if no
balance‑sheet was audited before that time, as shown at that time in the
accounting records of the corporation; or
                            (ii) if the value of the issued shares of the
corporation determined under subsection (2) or (3) is greater—that greater
value; or
                    (b) where the corporation is a holding
corporation:
                             (i) the aggregate value of the assets of the
corporation, and of each of its subsidiaries that is a prescribed corporation
carrying on an Australian business, determined, in each case, under
subparagraph (a)(i); or
                            (ii) if the aggregate value of the issued shares of
the corporation and each of those subsidiaries determined under
subsection (2) or (3) is greater—that greater value.
            (2) For the purposes of
subparagraphs (1)(a)(ii) and (b)(ii) in relation to the application of
section 18, the value of the issued shares of a corporation, or the
aggregate value of the issued shares of a group of corporations, is the value
ascertained under the formula:
where:
CÂ is:
                    (a) where the transaction referred to in
section 18 is the proposed acquisition of shares—the total consideration
for the acquisition; or
                    (b) where the transaction is the issue of
shares—the total issue price of all the shares to be issued;
TSÂ Â is the total number of issued shares, immediately before the
proposed acquisition or issue, of the corporation or group of corporations, as
the case may be; and
NSÂ is the number of shares proposed to be acquired or issued, as the
case may be.
            (3) For the purposes of
subparagraphs (1)(a)(ii) and (b)(ii) in relation to the application of
section 26, the value of the issued shares of a corporation, or the
aggregate value of the issued shares of a group of corporations, is the value
ascertained under the formula:
where:
CÂ Â Â Â is the consideration for
the shares acquired or proposed to be acquired under the agreement referred to
in section 26;
TSÂ Â is the total number of issued shares, immediately before the
acquisition or proposed acquisition, of the corporation or group of
corporations, as the case may be; and
NSÂ is the number of shares to which the agreement relates.
            (4) For the purposes of Part IA, or in
determining whether a business is an exempt business, in relation to the
application of section 19, the value of a business’ total assets is the
consideration for the acquisition referred to in that section.
            (5) For the purposes of Part IA,
or in determining whether a corporation is an exempt corporation, in relation
to the application of section 20, the value of a corporation’s total
assets at a particular time is:
                    (a) where the corporation is not a holding
corporation—the value of those assets as shown in the last balance‑sheet
of the corporation audited before that time or, if no balance‑sheet was
audited before that time, as shown at that time in the accounting records of
the corporation; or
                    (b) where the corporation is a holding
corporation—the aggregate value of the assets of the corporation, and of each
of its subsidiaries that is a prescribed corporation carrying on an Australian
business, determined, in each case, under paragraph (a).
            (6) For the purposes of Part IA, or in
determining whether a business is an exempt business, in relation to the
application of section 21, the value of a business’ total assets at a
particular time is the value determined by a person who was at the time of the
valuation a suitably qualified valuer acting at arm’s length in relation to the
valuation where:
                    (a) the valuation was made at the particular time;
or
                    (b) the valuation was made not more than 12 months
before the particular time and the value had not increased significantly
between the time of the valuation and the particular time.
            (1) For the purposes of this Act, a corporation is
an Australian urban land corporation if:
                    (a) where the corporation is not a holding
corporation—the value of its eligible land assets exceeds 50% of the value of
its total assets; or
                    (b) where the corporation is a holding corporation—the
sum of the values of the eligible land assets of the corporation and of each of
its subsidiaries exceeds 50% of the sum of the values of the total assets of
the corporation and of each of its subsidiaries.
            (2) Where a reasonable value of the eligible land
assets or of the total assets of a corporation is:
                    (a) shown in the last audited balance‑sheet
of the corporation; or
                    (b) if not
shown in the last audited balance‑sheet—shown in the accounting records
of the corporation;
the value of those assets as shown shall be taken to be
their value for the purposes of subsection (1).
            (3) For the purposes of determining the values
referred to in paragraph (1)(b), any asset of a corporation that consists
of shares in any subsidiary of the corporation shall be disregarded.
            (4) In this section:
eligible land assets, in relation to a corporation, means so
much of the corporation’s total assets as consists of interests in Australian
urban land.
            (1) For the purposes of this Act, a trust estate
is an Australian urban land trust estate if it is a unit trust estate and the
value of so much of its total assets as consists of interests in Australian
urban land exceeds 50% of the value of its total assets.
            (2) Where a reasonable value of the particular
assets or of the total assets of a trust estate is given in a valuation, that
value shall be taken to be their value at a particular time for the purposes of
subsection (1) if:
                    (a) the person giving the valuation was at the
time of the valuation a suitably qualified valuer acting at arm’s length in
relation to the valuation;
                    (b) the valuation was made not more than 12 months
before the particular time; and
                    (c) the value of those assets had not increased
significantly between the time of the valuation and the particular time.
                  In
this Act, a reference to the voting power in a corporation is a reference to
the maximum number of votes that might be cast at a general meeting of the
corporation.
                  This
Act does not apply in relation to:
                    (a) an acquisition of shares or assets, or an
issue of shares, that occurred before the date of commencement of this Act;
                    (b) an arrangement that was entered into before
that date; or
                    (c) an acquisition of shares or assets occurring
on or after that date, where notice in writing was issued by the Commonwealth
Government before that date to the effect that the Commonwealth Government did
not object to the acquisition or, in the case of an acquisition occurring by
way of the exercise of an option, that it did not object to the acquisition of
the option or to the acquisition of those shares or assets in pursuance of the
option.
                  This
Act applies both within and outside Australia
and extends to every external Territory other than Papua
New Guinea.
                  The
obligation to comply with this Act extends to all natural persons, whether
resident in Australia
or not and whether Australian citizens or not, and to all corporations, whether
incorporated or carrying on business in Australia
or not.
            (1) Section 18 applies in relation to a
prescribed corporation as if neither of the following were a foreign person for
the purposes of that section:
                    (a) a prescribed foreign investor that is covered
by subsection 17B(1) or (2) in relation to the corporation;
                    (b) a prescribed foreign government investor that
is covered by subsection 17C(1) in relation to the corporation.
            (2) Section 20 applies in relation to an Australian corporation as if neither of
the following were a foreign person for the purposes of that section:
                    (a) a prescribed foreign investor that is covered
by subsection 17B(1) or (2) in relation to the corporation;
                    (b) a prescribed foreign government investor that
is covered by subsection 17C(1) in relation to the corporation.
            (3) Sections 19 and 21 apply in relation to a business as if neither of the following
were a foreign person for the purposes of those sections:
                    (a) a prescribed foreign investor that is covered
by subsection 17B(3) in relation to the business;
                    (b) a prescribed foreign government investor that
is covered by subsection 17C(2) in relation to the business.
            (4) Section 26 applies in relation to an Australian corporation as if neither of
the following were a person covered by that section:
                    (a) a prescribed foreign investor that is covered
by subsection 17B(1) or (2) in relation to the corporation;
                    (b) a prescribed foreign government investor that
is covered by subsection 17C(1) in relation to the corporation.
            (5) In applying section 18, 19, 20, 21 or 26
in relation to an entity that is neither a prescribed foreign investor nor a
prescribed foreign government investor, do not apply subsection (1), (2),
(3) or (4) for the purposes of:
                    (a) determining whether 2 or more persons (whether
or not those persons are associates) hold an aggregate controlling interest in
a corporation; or
                    (b) determining whether 2 or more persons (whether
or not those persons are associates) together are in a position to control an
amount of the voting power in a corporation; or
                    (c) determining whether 2 or more persons (whether
or not those persons are associates) together hold interests in the issued
shares in a corporation; or
                    (d) determining whether 2 or more persons (whether
or not those persons are associates) together are in a position to determine
the policy of a business or corporation.
            (1) A prescribed foreign investor is covered by
this subsection in relation to a corporation if:
                    (a) the corporation, or a subsidiary of the
corporation, carries on a business wholly or partly in a prescribed sensitive
sector in relation to the prescribed foreign investor; and
                    (b) for a corporation covered by paragraph
13(1)(a), (b), (c), (g) or (h)—the value of the corporation’s total assets,
determined under section 13B, does not exceed the amount ascertained in
accordance with regulations made for the purposes of this paragraph; and
                    (c) for a corporation covered by paragraph
13(1)(d), (e) or (f) because the corporation, or another corporation or other
corporations, held certain assets on a particular date—the value of those
assets on that date, determined in accordance with section 13, does not
exceed the amount ascertained in accordance with regulations made for the
purposes of this paragraph.
            (2) A prescribed foreign investor is covered by
this subsection in relation to a corporation if:
                    (a) neither the corporation, nor a subsidiary of
the corporation, carries on a business wholly or partly in a prescribed
sensitive sector in relation to the prescribed foreign investor; and
                    (b) for a corporation covered by paragraph
13(1)(a), (b), (c), (g) or (h)—the value of the corporation’s total assets,
determined under section 13B, does not exceed the amount ascertained in
accordance with regulations made for the purposes of this paragraph; and
                    (c) for a corporation covered by paragraph
13(1)(d), (e) or (f) because the corporation, or another corporation or other
corporations, held certain assets on a particular date—the value of those
assets on that date, determined in accordance with section 13, does not
exceed the amount ascertained in accordance with regulations made for the
purposes of this paragraph.
            (3) A prescribed foreign investor is covered by
this subsection in relation to a business if:
                    (a) both of the following conditions are
satisfied:
                             (i) the business is wholly or partly in a
prescribed sensitive sector in relation to the prescribed foreign investor;
                            (ii) the value of the total assets of the business,
determined under section 13B, does not exceed the amount ascertained in
accordance with regulations made for the purposes of this subparagraph; or
                    (b) both of the following conditions are
satisfied:
                             (i) the business is neither wholly nor partly in a
prescribed sensitive sector in relation to the prescribed foreign investor;
                            (ii) the value of the total assets of the business,
determined under section 13B, does not exceed the amount ascertained in
accordance with regulations made for the purposes of this subparagraph.
            (4) Regulations made for the purposes of a
particular provision of this section may provide for different amounts for
different prescribed foreign investors, depending on all or any of the
following:
                    (a) the kind of prescribed foreign investor
concerned;
                    (b) in relation to subsection (1) or
paragraph (3)(a)—the kind of prescribed sensitive sector concerned;
                    (c) in relation to subsection (1) or (2)—the
kind of corporation concerned;
                    (d) in relation to subsection (3)—the kind of
business concerned;
                    (e) any other matter.
            (5) Regulations made for the purposes of a
particular provision of this section may provide for a method for indexing an
amount.
            (6) Subsections (4) and (5) do not limit the
regulations that may be made for the purposes of this section.
            (1) A prescribed foreign government investor is
covered by this subsection in relation to a corporation if:
                    (a) for a corporation covered by paragraph
13(1)(a), (b), (c), (g) or (h)—the value of the corporation’s total assets,
determined under section 13B, does not exceed the amount ascertained in
accordance with regulations made for the purposes of this paragraph; and
                    (b) for a corporation covered by paragraph
13(1)(d), (e) or (f) because the corporation, or another corporation or other
corporations, held certain assets on a particular date—the value of those
assets on that date, determined in accordance with section 13, does not
exceed the amount ascertained in accordance with regulations made for the
purposes of this paragraph.
            (2) A prescribed foreign government investor is
covered by this subsection in relation to a business if the value of the total
assets of the business, determined under section 13B, does not exceed the
amount ascertained in accordance with regulations made for the purposes of this
subsection.
            (3) Regulations made for the purposes of a
particular provision of this section may provide for different amounts for
different prescribed foreign government investors, depending on all or any of
the following:
                    (a) the kind of prescribed foreign government
investor concerned;
                    (b) in relation to subsection (1)—the kind of
corporation concerned;
                    (c) in relation to subsection (2)—the kind of
business concerned;
                    (d) any other matter.
            (4) Regulations made for the purposes of a
particular provision of this section may provide for a method for indexing an
amount.
            (5) Subsections (3) and (4) do not limit the
regulations that may be made for the purposes of this section.
            (1) Section 18 applies in relation to a
financial sector company as if a prescribed foreign investor covered by
subsection (3) were not a foreign person for the purposes of that section.
            (2) Section 26 applies in relation to a financial sector company as if a
prescribed foreign investor covered by subsection (3) were not a person
covered by that section.
            (3) A prescribed foreign investor is covered by this
subsection if the conditions specified in the regulations are satisfied in
relation to the prescribed foreign investor.
            (4) In applying section 18 or 26 in relation
to an entity that is not a prescribed foreign investor covered by
subsection (3), do not apply subsection (1) or (2) for the purposes
of:
                    (a) determining whether 2 or more persons (whether
or not those persons are associates) hold an aggregate controlling interest in
a corporation; or
                    (b) determining whether 2 or more persons (whether
or not those persons are associates) together are in a position to control an
amount of the voting power in a corporation; or
                    (c) determining whether 2 or more persons (whether
or not those persons are associates) together hold interests in the issued
shares in a corporation; or
                    (d) determining whether 2 or more persons (whether
or not those persons are associates) together are in a position to determine
the policy of a business or corporation.
            (5) In this section:
financial sector company has the same meaning as in the Financial Sector (Shareholdings) Act 1998.
            (1) An entity is a prescribed foreign investor if:
                    (a) the conditions specified in the regulations
are satisfied in relation to the entity; and
                    (b) the entity is not a foreign government
investor.
            (2) The conditions specified in the regulations
for the purposes of subsection (1) may include any or all of the following
kinds of conditions:
                    (a) a condition that the entity be a national of a
specified foreign country;
                    (b) a condition that the entity be incorporated
under the law of a specified foreign country, or a specified part of a foreign
country;
                    (c) a condition that the entity be constituted or
organised under the law of a specified foreign country, or a specified part of
a foreign country.
Note:Â Â Â Â Â Â Â Â Â For
specification by class, see subsection 13(3) of the Legislative Instruments Act 2003.
            (3) Subsection (2) does not limit the
regulations that may be made for the purposes of subsection (1).
            (4) In this section:
entity includes an individual.
                  An
entity is a foreign government investor if:
                    (a) the entity is:
                             (i) a body politic of a foreign country; or
                            (ii) a body politic of part of a foreign country;
or
                           (iii) a part of a body politic mentioned in
subparagraph (i) or (ii); or
                    (b) the entity is controlled by an entity
mentioned in paragraph (a); or
                    (c) an entity mentioned in paragraph (a)
holds an interest in the entity that satisfies the conditions specified in the
regulations.
                  An
entity is a prescribed foreign government investor if:
                    (a) the entity is a foreign government investor;
and
                    (b) the conditions specified in the regulations
are satisfied in relation to the entity.
                  A
kind of business activity is a prescribed sensitive sector in
relation to a prescribed foreign investor if:
                    (a) the conditions specified in the regulations
are satisfied in relation to the prescribed foreign investor; and
                    (b) the conditions specified in the regulations
are satisfied in relation to the kind of business activity.
            (1) In this section, corporation means:
                    (a) a prescribed corporation that carries on an
Australian business, whether alone or together with any other person or
persons; or
                    (b) a holding corporation (other than a foreign
corporation that is not a prescribed corporation) of such a prescribed
corporation.
            (2) Where the Treasurer is satisfied that:
                    (a) a person proposes, or persons propose, to
acquire shares in a corporation or a corporation proposes to issue shares;
                    (b) the proposed acquisition or acquisitions or
the proposed issue would have the result that:
                             (i) in the case of a corporation not controlled by
foreign persons—the corporation would be controlled by foreign persons; or
                            (ii) in the case of a corporation controlled by
foreign persons—the corporation would continue to be controlled by foreign
persons, but those persons would include a person who is not, or would not
include a person who is, one of the foreign persons first referred to in this
subparagraph; and
                    (c) that
result would be contrary to the national interest;
the Treasurer may make an order prohibiting the proposed
acquisition or all or any of the proposed acquisitions, or the proposed issue,
as the case may be.
            (3) Where the Treasurer makes an order under
subsection (2) prohibiting a proposed acquisition of shares in a
corporation, he may also make an order in relation to a specified foreign
person, or in relation to a specified foreign person and specified associates,
or the persons included in a specified class of associates, of that person,
directing that that person shall not, or none of those persons shall, whether
alone or together with any other or others of them:
                    (a) be in a position to control more of the total
voting power in the corporation than:
                             (i) such proportion of the total voting power in
the corporation as is equal to the proportion of the total voting power in the
corporation at the time of the coming into operation of the first‑mentioned
order that that foreign person, together with any associate or associates of
that person, was in a position to control at that time; or
                            (ii) such greater proportion (if any) of the total
voting power in the corporation as is specified in the order; or
                    (b) hold interests in a number of issued shares in
the corporation exceeding:
                             (i) the number that bears to the total number of
issued shares in the corporation the same proportion as the number of issued
shares in the corporation in which that foreign person, together with any
associate or associates of that person, held interests at the time of the
coming into operation of the first‑mentioned order bears to the total
number of issued shares in the corporation at that time; or
                            (ii) such greater number (if any) as is specified
in the order.
            (4) Where a person has acquired shares in a
corporation, and the Treasurer is satisfied that:
                    (a) the acquisition has had the result that:
                             (i) in the case of a corporation that, before the
acquisition, was not controlled by foreign persons—the corporation is
controlled by foreign persons; or
                            (ii) in the case of a corporation that, before the
acquisition, was controlled by foreign persons—the corporation continues to be
controlled by foreign persons, but those persons include a person who is not,
or do not include a person who is, one of the foreign persons first referred to
in this subparagraph; and
                    (b) that result
is contrary to the national interest;
the Treasurer may make an order directing the person who
acquired the shares to dispose of those shares within a specified time to any
person or persons approved in writing by the Treasurer.
            (5) Before the expiration of the time specified in
an order made under subsection (4) or of that time as extended under this
subsection, the Treasurer may, by writing signed by him, extend or further
extend that time or that time as so extended, and in that event the order has
effect as if the time as so extended or further extended had been specified in
the order.
            (6) The Treasurer shall not refuse to approve a
person for the purposes of subsection (4) unless he is satisfied that the
person is a foreign person and that it would be contrary to the national
interest for that person to acquire the shares concerned.
            (7) For the purposes of this section:
                    (a) a corporation shall be taken to be controlled
by foreign persons if, and only if, a foreign person holds a controlling interest
in the corporation or 2 or more foreign persons hold an aggregate controlling
interest in the corporation;
                    (b) where, by virtue of paragraph (a), a
corporation is taken to be controlled by foreign persons by reason that a
foreign person, together with an associate or associates, is in a position to
control not less than 15 per centum of the voting power in the corporation or
holds interests in not less than 15 per centum of the issued shares in the
corporation, references to the foreign persons who control the corporation
include references to that associate or those associates, whether or not that
associate is, or those associates are, in fact foreign persons; and
                    (c) where, by virtue of paragraph (a), a
corporation is taken to be controlled by foreign persons by reason that 2 or
more foreign persons, together with an associate or associates of any of them,
are in a position to control not less than 40 per centum of the voting power in
the corporation or hold interests in not less than 40 per centum of the issued
shares in the corporation, references to the foreign persons who control the
corporation are references to any foreign persons, and any associates of
foreign persons (whether or not those associates are in fact foreign persons),
each of whom is in a position to control any of the voting power in the
corporation or holds interests in any of the issued shares in the corporation.
            (1) In this section, foreign person means:
                    (a) a foreign corporation in which a natural person
not ordinarily resident in Australia
or a foreign corporation holds a controlling interest; or
                    (b) a foreign corporation in which 2 or more
persons, each of whom is either a natural person not ordinarily resident in Australia
or a foreign corporation, hold an aggregate controlling interest.
            (2) Where the Treasurer is satisfied that:
                    (a) a person proposes, or persons propose, to
acquire assets of an Australian business carried on solely by a prescribed
corporation or prescribed corporations;
                    (b) the proposed acquisition or acquisitions would
have the result that:
                             (i) in the case of a business not controlled by
foreign persons—the business would be controlled by foreign persons; or
                            (ii) in the case of a business controlled by
foreign persons—the business would continue to be controlled by foreign
persons, but those persons would include a person who is not, or would not
include a person who is, one of the foreign persons first referred to in this
subparagraph; and
                    (c) that
result would be contrary to the national interest;
the Treasurer may make an order prohibiting the proposed
acquisition or all or any of the proposed acquisitions, as the case may be.
            (3) Where the Treasurer makes an order under
subsection (2) prohibiting a proposed acquisition of assets of an
Australian business, he may also make an order in relation to a specified
foreign person, or in relation to a specified foreign person and specified
associates, or the persons included in a specified class of associates, of that
person, directing that that person shall not, or none of those persons shall,
whether alone or together with any other or others of them, acquire any
interests in assets of that business, or acquire any such interests except to a
specified extent.
            (4) Where a person has acquired assets of an
Australian business carried on solely by a prescribed corporation or prescribed
corporations, and the Treasurer is satisfied that:
                    (a) the acquisition has had the result that:
                             (i) in the case of a business that, before the
acquisition, was not controlled by foreign persons—the business is controlled
by foreign persons; or
                            (ii) in the case of a business that, before the
acquisition, was controlled by foreign persons—the business continues to be
controlled by foreign persons, but those persons include a person who is not,
or do not include a person who is, one of the foreign persons first referred to
in this subparagraph; and
                    (b) that
result is contrary to the national interest;
the Treasurer may make an order directing the person who
acquired the assets to dispose of those assets within a specified time to any
person or persons approved in writing by the Treasurer.
            (5) Before the expiration of the time specified in
an order made under subsection (4) or of that time as extended under this
subsection, the Treasurer may, by writing signed by him, extend or further
extend that time or that time as so extended, and in that event the order has
effect as if the time as so extended or further extended had been specified in
the order.
            (6) The Treasurer shall not refuse to approve a
person for the purposes of subsection (4) unless he is satisfied that the
person is a foreign person and that it would be contrary to the national
interest for that person to acquire the assets concerned.
            (7) For the purposes of this section:
                    (a) an Australian business shall be taken to be
controlled by foreign persons if, and only if, the Treasurer is satisfied that
a foreign person or foreign persons, alone or together with an associate or
associates of that foreign person or of any of those foreign persons, is or are
in a position to determine the policy of the business; and
                    (b) where an Australian business is so taken to be
controlled by foreign persons by reason that a foreign person or foreign
persons, together with an associate or associates, are in a position to
determine the policy of the business, references to the foreign persons who
control the business include references to that associate or those associates,
whether or not that associate is, or those associates are, in fact foreign
persons.
            (1) In this
section, corporation means:
                    (a) an Australian corporation that carries on an
Australian business, whether alone or together with any other person or
persons; or
                    (b) a holding corporation (other than a foreign
corporation) of such an Australian corporation.
            (2) Where the Treasurer is satisfied that:
                    (a) a person proposes to enter into an agreement
in relation to the affairs of a corporation or it is proposed to alter a
constituent document of a corporation;
                    (b) under the proposed agreement or in consequence
of the proposed alteration, a director or directors of the corporation will be
under an obligation to act in accordance with the directions, instructions or
wishes of a foreign person who holds a substantial interest in the corporation
or of an associate of such a foreign person;
                    (c) the proposed agreement or alteration would
have the result that:
                             (i) in the case of a corporation not controlled by
foreign persons—the corporation would be controlled by foreign persons; or
                            (ii) in the case of a corporation controlled by
foreign persons—the corporation would continue to be controlled by foreign
persons, but those persons would include a person who is not, or would not
include a person who is, one of the foreign persons first referred to in this
subparagraph; and
                    (d) that
result would be contrary to the national interest;
the Treasurer may make an order prohibiting the entering
into of the proposed agreement or prohibiting the proposed alteration, as the
case may be.
            (3) Where an agreement has been entered into in
relation to the affairs of a corporation, or an alteration has been made to a
constituent document of a corporation, and the Treasurer is satisfied that:
                    (a) the agreement or alteration has had, or will
have, the result that:
                             (i) in the case of a corporation that, before the
agreement was entered into or the alteration was made, was not controlled by
foreign persons—the corporation is or will be controlled by foreign persons; or
                            (ii) in the case of a corporation that, before the
agreement was entered into or the alteration was made, was controlled by
foreign persons—the corporation continues or will continue to be controlled by
foreign persons, but those persons include or will include a person who is not,
or do not or will not include a person who is, one of the foreign persons first
referred to in this subparagraph; and
                    (b) that
result is or will be contrary to the national interest;
the Treasurer may, for the purpose of restoring the
control of the corporation as closely as possible to the position in which it
was before the agreement was entered into or the alteration was made or for the
purpose of preventing the occurrence of a change in the control of the
corporation of a kind mentioned in paragraph (a), as the case may be, make
orders directing specified persons to do within a specified time, or refrain
from doing, specified acts or acts of a specified kind.
            (4) Where a time is specified in an order made
under subsection (3), the Treasurer may, before the expiration of that
time or of that time as extended under this subsection, by writing signed by
him, extend or further extend that time or that time as so extended, and in that
event the order has effect as if the time as so extended or further extended
had been specified in the order.
            (5) For the purposes of this section:
                    (a) a corporation shall be taken to be controlled
by foreign persons if, and only if, the Treasurer is satisfied that a foreign
person or foreign persons, alone or together with an associate or associates of
that foreign person or of any of those foreign persons, is or are in a position
to determine the policy of the corporation; and
                    (b) where
an Australian business is so taken to be controlled by foreign persons by
reason that a foreign person or foreign persons, together with an associate or
associates, are in a position to determine the policy of the corporation,
references to the foreign persons who control the corporation include
references to that associate or those associates, whether or not that associate
is, or those associates are, in fact foreign persons.
            (1) In this section:
arrangement, in relation to an Australian business, means an
arrangement relating to the leasing or letting on hire of, or the granting of
other rights to use, assets of such a business or relating to the participation
by a person in the profits or management of such a business;
foreign person means:
                    (a) a foreign corporation in which a natural
person not ordinarily resident in Australia
or a foreign corporation holds a controlling interest; or
                    (b) a foreign corporation in which 2 or more
persons, each of whom is either a natural person not ordinarily resident in Australia
or a foreign corporation, hold an aggregate controlling interest.
            (2) Where the Treasurer is satisfied that:
                    (a) a person proposes to enter into an arrangement
in relation to an Australian business carried on solely by a prescribed
corporation or prescribed corporations or proposes to terminate an arrangement
that exists in relation to such an Australian business;
                    (b) the proposal, if carried out, would have the
result that:
                             (i) in the case of a business not controlled by
foreign persons—the business would be controlled by foreign persons; or
                            (ii) in the case of a business controlled by
foreign persons—the business would continue to be controlled by foreign
persons, but those persons would include a person who is not, or would not
include a person who is, one of the foreign persons first referred to in this
subparagraph; and
                    (c) that
result would be contrary to the national interest;
the Treasurer may make an order prohibiting the entering
into of the proposed arrangement or prohibiting the termination of the existing
arrangement, as the case may be.
            (3) Where an arrangement has been entered into in
relation to an Australian business carried on solely by a prescribed
corporation or prescribed corporations or an arrangement that existed in
relation to such an Australian business has been terminated, and the Treasurer
is satisfied that:
                    (a) the entering into or the termination of the
arrangement has had, or will have, the result that:
                             (i) in the case of a business that, before the
entering into or termination of the arrangement, was not controlled by foreign
persons—the business is or will be controlled by foreign persons; or
                            (ii) in the case of a business that, before the
entering into or termination of the arrangement, was controlled by foreign
persons—the business continues or will continue to be controlled by foreign
persons, but those persons include or will include a person who is not, or do
not or will not include a person who is, one of the foreign persons first
referred to in this subparagraph; and
                    (b) that
result is or will be contrary to the national interest;
the Treasurer may, for the purpose of restoring the
control of the business as closely as possible to the position in which it was
before the arrangement was entered into or terminated or for the purpose of
preventing the occurrence of a change in the control of the business of a kind
referred to in paragraph (a), as the case may be, make orders directing
specified persons to do within a specified time, or refrain from doing,
specified acts or acts of a specified kind.
            (4) Where a time is specified in an order made
under subsection (3), the Treasurer may, before the expiration of that
time or of that time as extended under this subsection, by writing signed by
him, extend or further extend that time or that time as so extended, and in
that event the order has effect as if the time as so extended or further
extended had been specified in the order.
            (5) For the purposes of this section:
                    (a) an Australian business shall be taken to be
controlled by foreign persons if, and only if, the Treasurer is satisfied that
a foreign person or foreign persons, alone or together with an associate or
associates of that foreign person or of any of those foreign persons, is or are
in a position to determine the policy of the business; and
                    (b) where an Australian business is so taken to be
controlled by foreign persons by reason that a foreign person or foreign
persons, together with an associate or associates, are in a position to
determine the policy of the business, references to the foreign persons who
control that business include references to that associate or those associates,
whether or not that associate is, or those associates are, in fact foreign
persons.
            (1) In this section:
foreign person means:
                    (a) a foreign corporation in which a natural
person not ordinarily resident in Australia
or a foreign corporation holds a substantial interest; or
                    (b) a foreign corporation in which 2 or more
persons, each of whom is a natural person not ordinarily resident in Australia
or a foreign corporation, hold an aggregate substantial interest.
            (2) Where the
Treasurer is satisfied that:
                    (a) a foreign person proposes to acquire an
interest in Australian urban land; and
                    (b) the
proposed acquisition would be contrary to the national interest;
the Treasurer may make an order prohibiting the proposed
acquisition.
            (3) Where the Treasurer makes such an order in
relation to an interest in Australian urban land, he or she may also make an
order in relation to:
                    (a) a specified foreign person; or
                    (b) a
specified foreign person and specified associates, or the persons included in a
specified class of associates, of that person;
directing that that person shall not, or none of those
persons shall, whether alone or together with any other or others of them,
acquire:
                    (c)
any interest in the land or other thing
concerned; or
                    (d) any such interest except to a specified
extent.
            (4) Where a foreign person has acquired an
interest in Australian urban land and the Treasurer is satisfied that the
acquisition is contrary to the national interest, the Treasurer may make an
order directing the foreign person to dispose of that interest within a
specified period to any person or persons approved in writing by the Treasurer.
            (5) Before the end of the period specified in the
order or of that period as extended under this subsection, the Treasurer may,
by writing signed by the Treasurer, extend or further extend that period or
that period as so extended, and in that event the order has effect as if the
period as so extended or further extended had been specified in the order.
            (6) For the purposes of subsection (4), but without
limiting the generality of that subsection:
                    (a) a foreign person shall be taken to have
acquired an interest in Australian urban land if the person becomes, with or
without the knowledge of the person, a beneficiary in a trust estate (other
than a deceased estate) that consists of or includes an interest in Australian
urban land; and
                    (b) where paragraph (a) applies and the trust
estate is a discretionary trust estate—a reference to the disposal of the
interest of the foreign person is a reference to the disposal of such
assignable benefits in relation to that trust estate as may ultimately vest in
that foreign person.
            (7) The
Treasurer shall not refuse to approve a person for the purposes of
subsection (4) unless the Treasurer is satisfied that the person is a
foreign person and that it would be contrary to the national interest for that
person to acquire the interest concerned.
            (1) For the purpose of enabling due consideration
to be given to the question whether an order should be made under subsection
18(2), 19(2), 20(2), 21(2) or 21A(2), the Treasurer may make an order of the
kind that he would be empowered to make under that subsection if it were
applicable.
            (2) An order made under this section has effect
for such period, not exceeding 90 days after the coming into operation of the
order, as is specified in the order.
                  The
Treasurer may at any time make an order revoking an order made under
section 18, 19, 20, 21, 21A or 22 or an order referred to in subsection
3(4).
                  An
order made by the Treasurer under this Part shall be made in writing signed by
him, shall be published in the Gazette within
10 days after the date on which it is made, and comes into operation:
                    (a) except in a case to which paragraph (b)
applies—on the date of publication; or
                    (b) in the case of an order under subsection 18(3)
or (4), 19(4), 20(3), 21(3) or 21A(3) or (4)—on such date as is specified in
the order, being a date not earlier than 30 days after the date of publication.
            (1) This section has effect where the Treasurer
receives:
                    (a) a notice from a person stating that the person
proposes to acquire shares, assets or interests or to enter into an agreement
or enter into or terminate an arrangement;
                    (b) a notice from a corporation stating that the
corporation proposes to issue shares; or
                    (c) a notice from a corporation stating that it is
proposed to alter a constituent document of the corporation.
         (1A) Where the Treasurer is empowered to make an
order under subsection 18(2), 19(2), 20(2), 21(2) or 21A(2) in relation to the
acquisition, agreement, arrangement, issue or alteration specified in the
notice, the Treasurer may, instead of making such an order, decide that the
Commonwealth Government has no objection to the proposal specified in the
notice, provided that the person or corporation complies with conditions that
the Treasurer, when making the decision, considers necessary in order that the
proposal, if carried out, will not be contrary to the national interest.
         (1B) Where the Treasurer makes a decision under
subsection (1A), the person or corporation shall be given advice in
writing of the decision, being advice that includes a statement of the conditions
to be complied with, before the end of 10 days after the day on which the
decision is made.
         (1C) If the person or corporation:
                    (a) is given an advice under subsection (1B)
of a decision; and
                    (b) carries out the proposal to which the decision
relates; and
                    (c) does or fails to do an act, resulting in a
contravention of a condition set out in the advice;
the person or corporation is guilty of an offence
punishable on conviction, by:
                    (d) in the case of a natural person—a fine not
exceeding 500 penalty units, or imprisonment for a period not exceeding 2
years, or both; or
                    (e) in the case of a corporation—a fine not
exceeding 2,500 penalty units.
         (1D) If the person or
corporation:
                    (a) is given advice under subsection (1B) of
a decision; and
                    (b) carries out the proposal to which the decision
relates:
the Treasurer may only make an order under subsection
18(4), 19(4), 20(3), 21(3) or 21A(4) in relation to the acquisition, agreement,
arrangement, issue or alteration specified in the notice if:
                    (c) the person or corporation is convicted of an
offence against subsection (1C) in relation to a condition; or
                    (d) an order is made under section 19B of the
Crimes Act 1914 in relation to the
person or corporation in respect of such an offence.
            (2) If 30 days pass after the day on which the
Treasurer receives the notice and by the end of that period:
                    (a) the Treasurer has not:
                             (i) made a decision under subsection (1A) in
relation to the proposal specified in the notice, being a decision of which
advice is given in writing to the person or corporation before the end of 10
days after the day on which the decision is made; or
                            (ii) made an order under this Part in relation to
the acquisition, agreement, arrangement, issue or alteration specified in the
notice, being an order published in the Gazette
before the end of 10 days after the day on which the order is made; and
                    (b) the
person or corporation has not carried out the proposal;
the Treasurer is not empowered:
                    (c) to make an order under this Part in relation to
the acquisition, agreement, arrangement, issue or alteration; or
                    (d) to make a decision under subsection (1A)
in relation to the proposal.
            (3) If:
                    (a) before the end of 30 days after the day on
which the Treasurer receives the notice, the Treasurer makes an order under
section 22 in relation to the acquisition, agreement, arrangement, issue
or alteration specified in the notice;
                    (b) the order is published in the Gazette before the end of 10 days after
the day on which the order is made; and
                    (c) 90 days pass after the day on which the order
is published and by the end of that period:
                             (i) the Treasurer has not:
                                       (A) made a decision under subsection (1A) in
relation to the proposal specified in the notice, being a decision of which
advice is given in writing to the person or corporation before the end of 10
days after the day on which the decision is made; or
                                       (B) made any other order under this Part in
relation to the acquisition, agreement, arrangement, issue or alteration, being
an order published in the Gazette before
the end of 10 days after the day on which the order is made; and
                            (ii) the
person or corporation has not carried out the proposal;
the Treasurer is not empowered:
                    (d) to make a further order under this Part in
relation to the acquisition, agreement, arrangement, issue or alteration; or
                    (e) to make a decision under subsection (1A)
in relation to the proposal.
            (4) For the purposes of this section, a notice
stating that a person has an option to acquire shares or assets shall be taken
to be a statement that the person proposes to acquire the shares or assets, and
references in this section to the proposal and to the acquisition shall be
construed accordingly.
         (4A) For the purposes of this section but without
limiting its generality, a person or corporation may be given advice in writing
of a decision of the Treasurer in relation to a proposal if that advice in
writing is given to the person or corporation at an address specified, in the
notice containing the proposal, as the address for service of notices in
relation to the proposal.
            (5) In this section, notice includes a notice
furnished under section 26 or 26A.
            (1) In this section, person to whom this section
applies means:
                    (a) a natural person not ordinarily resident in Australia;
                    (b) a corporation in which a natural person not
ordinarily resident in Australia
or a foreign corporation holds a substantial interest;
                    (c) a corporation in which 2 or more persons, each
of whom is either a natural person not ordinarily resident in Australia
or a foreign corporation, hold an aggregate substantial interest;
                    (d) the trustee of a trust estate in which a
natural person not ordinarily resident in Australia
or a foreign corporation holds a substantial interest; or
                    (e) the trustee of a trust estate in which 2 or
more persons, each of whom is either a natural person not ordinarily resident
in Australia or
a foreign corporation, hold an aggregate substantial interest.
            (2) Where a person to whom this section applies:
                    (a) enters into an agreement by virtue of which he
acquires a substantial shareholding in an Australian corporation and did not,
before entering into the agreement, furnish to the Treasurer a notice stating
his intention to enter into that agreement; or
                    (b) having furnished a notice to the Treasurer
stating his intention to enter into an agreement by virtue of which he is to
acquire a substantial shareholding in an Australian corporation, enters into
that agreement before:
                             (i) the expiration of 40 days after the date on
which the notice was received by the Treasurer; or
                            (ii) the
date on which advice is given that the Commonwealth Government does not object
to the person entering into that agreement (whether or not the advice is
subject to conditions imposed under subsection 25(1A));
                           whichever first occurs;
the person is guilty of an offence and is punishable, on
conviction, by a fine not exceeding 500 penalty units or imprisonment for a
period not exceeding 2 years, or both.
            (3) Where:
                    (a) a person enters into an agreement of a kind
mentioned in subsection (2); and
                    (b) the
provisions of the agreement that relate to the acquisition of the interests in
the shares concerned do not become binding until the fulfilment of a condition
or conditions set out in the agreement;
the person shall not be taken, for the purposes of that
subsection, to have entered into the agreement until the time when those
provisions become binding.
            (4) Without affecting the operation of
section 25, this section does not apply in relation to a shareholder of a
corporation subscribing for shares in the corporation if:
                    (a) the shares were subscribed for in pursuance of
a resolution by the corporation or the directors of the corporation agreeing to
make available a number of shares specified in, or ascertained in accordance
with, the resolution for allotment to persons who were registered as the
holders of shares in the corporation on a date specified in the resolution; and
                    (b) the number of shares for which the shareholder
so subscribed bears to the total number of shares made available for allotment
in pursuance of the resolution as nearly as practicable the same proportion as
the number of issued shares in the corporation held by him immediately before
the date specified in the resolution bears to the total number of issued shares
in the corporation immediately before that date.
            (5) For the purposes of subsection (4), it is
immaterial that the shares in the corporation comprise 2 or more classes of shares
to which different rights are attached.
         (5A) Without affecting the operation of
section 25, this section does not apply in relation to the acquisition of
a substantial shareholding in an Australian corporation if that acquisition is
also an acquisition of an interest in Australian urban land.
            (6) In this section, a reference to an agreement
by virtue of which a person acquires a substantial shareholding in a
corporation is a reference to an agreement by virtue of which the person
acquires any interests in any shares in the corporation where:
                    (a) he already holds a substantial interest in the
corporation; or
                    (b) upon the acquisition by him of those
interests, or of those interests and of any interests in other shares in the
corporation, being interests that he has offered to acquire, he would hold a
substantial interest in the corporation.
            (7) For the purposes of subsection (6), a
reference to a person offering to acquire interests in shares includes a
reference to a person making or publishing a statement, however expressed, that
expressly or impliedly invites a holder of interests in shares to offer to
dispose of interests in shares.
            (1) In this section, person to whom this section applies
means:
                    (a) a natural person not ordinarily resident in Australia;
                    (b) a corporation in which a natural person not
ordinarily resident in Australia
or a foreign corporation holds a substantial interest;
                    (c) a corporation in which 2 or more persons, each
of whom is a natural person not ordinarily resident in Australia
or a foreign corporation hold an aggregate substantial interest;
                    (d) the trustee of a trust estate in which a
natural person not ordinarily resident in Australia
or a foreign corporation holds a substantial interest; or
                    (e) the trustee of a trust estate in which 2 or
more persons, each of whom is either a natural person not ordinarily resident
in Australia or
a foreign corporation, hold an aggregate substantial interest.
            (2) Where a person to whom this section applies:
                    (a) enters into an agreement by virtue of which he
or she acquires an interest in Australian urban land and did not, before
entering into the agreement, furnish to the Treasurer a notice stating his or
her intention to enter into that agreement; or
                    (b) having furnished a notice to the Treasurer
stating his or her intention to enter into an agreement by virtue of which he
or she is to acquire an interest in Australian urban land, enters into that
agreement before:
                             (i) the end of 40 days after the day on which the
notice was received by the Treasurer; or
                            (ii) the
day on which advice is given that the Commonwealth Government does not object
to the person entering into that agreement (whether or not the advice is
subject to conditions imposed under subsection 25(1A));
                           whichever first occurs;
the person is guilty of an offence and is punishable, on
conviction, by a fine not exceeding 500 penalty units or imprisonment for a
period not exceeding 2 years, or both.
            (3) Where:
                    (a) a person enters into an agreement by virtue of
which he or she acquires an interest in Australian urban land; and
                    (b) the
provisions of the agreement that relate to the acquisition of the interest do
not become binding until the fulfilment of a condition or conditions set out in
the agreement;
the person shall not be taken, for the purposes of
subsection (2), to have entered into the agreement until the time when
those provisions become binding.
            (4) Without affecting the operation of
section 25, this section does not apply to an acquisition of an interest
in Australian urban land if:
                    (a) that interest is an interest in a share in a
corporation;
                    (b) the acquisition occurs because of a
shareholder subscribing for shares in the corporation;
                    (c) the shares were subscribed for in pursuance of
a resolution by the corporation or the directors of the corporation agreeing to
make available a number of shares specified in, or ascertained in accordance
with, the resolution for allotment to persons who were registered as the
holders of shares in the corporation on a day specified in the resolution; and
                    (d) the proportion of the total shares made
available for allotment represented by the shares for which the shareholder so
subscribed is as near as practicable to the proportion of the issued shares in
the corporation, immediately before the day specified in the resolution, that
were held by the shareholder immediately before that day.
            (5) For the purposes of subsection (4), it is
immaterial that the shares in the corporation comprise 2 or more classes of
shares to which different rights are attached.
                  A
notice does not have effect for the purposes of section 25, 26 or 26A
unless it is in accordance with the prescribed form and complies with the
directions set out in the form.
                  A notice furnished in
accordance with section 25 stating that a person proposes to acquire an
option to acquire a share or asset has effect as if it included a statement
that the person proposes to exercise that option.
            (1) A person who contravenes or fails to comply
with an order made under Part II is guilty of an offence against this
section.
            (2) Where a person has been convicted of an offence
consisting of a contravention, or failure to comply with, an order made under
Part II and the contravention or failure continues after he has been so
convicted, the person is guilty of a further offence against this section.
            (3) Where an order made under Part II
requires a person to do anything within a particular time and the person fails
to do that thing within that time, the person shall be deemed to continue to
fail to comply with the order until he does that thing.
            (4) A person who is convicted of an offence
against this section is punishable by a fine not exceeding 500 penalty units or
imprisonment for a period not exceeding 2 years, or both.
            (1) Where an offence against a provision of this
Act is committed by a corporation, an officer of the corporation who is in
default is guilty of an offence against this section and is punishable on
conviction by the penalty provided in that provision.
            (2) A reference in subsection (1) to an
officer who is in default, in relation to an offence committed by a
corporation, includes a reference to an officer who authorizes or permits the
commission of the offence.
            (1) Where a person (in this section referred to as
the
offender) has contravened or failed to comply with an order in force
under Part II, the Supreme Court of a State or Territory may, on the
application of the Treasurer, whether or not that contravention of failure
still continues, and whether or not other proceedings in respect of that
contravention or failure have been or are to be instituted, make such order or
orders as it thinks fit for the attainment of the purpose for which the order
was made by the Treasurer.
            (2) The orders that may be made under subsection (1)
in relation to a change in the control of a corporation other than a foreign
corporation (in this section referred to as the corporation concerned)
or a change in the control of an Australian business (in this section referred
to as the business concerned) include, but are not limited to:
                    (a) an order restraining the exercise of any
rights attached to shares or assets held by the offender;
                    (b) an order prohibiting or deferring the payment
of any sums due to the offender in respect of shares or assets held by the
offender;
                    (c) an order directing the disposal of shares or
assets held by the offender;
                    (d) an order that any exercise of rights attached
to shares or assets held by the offender be disregarded;
                    (e) an order prohibiting a person from acting as a
director of the corporation concerned or from being involved in the management
of the corporation or business concerned; and
                     (f) an order directing the corporation concerned
to make such alterations of any of its constituent documents as are specified
in the order.
            (3) For the purpose of subsection (2):
                    (a) a reference to shares is a reference to shares
in the corporation concerned; and
                    (b) a reference to assets is a reference to assets
of the corporation or business concerned.
            (4) The orders that may be made under
subsection (1) in relation to a change in the control of a foreign
corporation include, but are not limited to:
                    (a) an order restraining the exercise of any
rights attached to shares held by the foreign corporation in an Australian subsidiary;
                    (b) an order prohibiting or deferring the payment
of any sums due to the foreign corporation in respect of shares held by it in
an Australian subsidiary;
                    (c) an order directing the disposal of shares in,
or assets of, an Australian subsidiary of the foreign corporation;
                    (d) an order directing the disposal of assets of
the foreign corporation that consist of assets of an Australian business
carried on by the foreign corporation (whether alone or together with any other
person or persons) or prohibiting or deferring the payment of any sums due to
the foreign corporation in respect of any such assets;
                    (e) an order that any exercise of rights attached
to shares held by the foreign corporation in an Australian subsidiary be
disregarded;
                     (f) an order that any exercise of rights attached
to assets of the foreign corporation of a kind referred to in
paragraph (d) be disregarded;
                    (g) an order prohibiting a person from acting as a
director of, or from being concerned in the management of, an Australian
subsidiary of the foreign corporation; and
                    (h) an order directing an Australian subsidiary of
the foreign corporation to make such alterations of any of its constituent
documents as are specified in the order.
         (4A) The orders that may be made under subsection (1)
in relation to the acquisition of an interest in Australian urban land include,
but are not limited to:
                    (a) an order restraining the exercise of any
rights attached to any interest held by the offender in the land or other thing
concerned;
                    (b) an order prohibiting or deferring the payment
of any sums due to the offender in respect of any such interest held by the
offender;
                    (c) an order directing the disposal of any such
interest held by the offender; and
                    (d) an order that any exercise of rights attached
to any such interest held by the offender be disregarded.
            (5) In addition to the powers conferred on a Court
by subsections (1), (2), (4) and (4A), the Court:
                    (a) has power, for the purpose of securing
compliance with any other order made under this section, to make an order
directing any person to do or refrain from doing a specified act; and
                    (b) has power to make an order containing such
ancillary or consequential provisions as the Court thinks just.
            (6) The Court may, before making an order under
this section, direct that notice of the application be given to such persons as
it thinks fit or be published in such manner as it thinks fit, or both.
            (7) The Court may, by order, rescind, vary or
discharge an order made by it under this section or suspend the operation of
such an order.
          (10) In this section, Australian subsidiary, in
relation to a foreign corporation, means a corporation incorporated in Australia
that is a subsidiary of that foreign corporation.
            (1) Where the Treasurer has reason to believe that
a person is capable of giving information or producing documents relating to
matters that are relevant to the exercise by the Treasurer of his powers under
this Act, he may, by notice in writing served on that person, require that
person:
                    (a) to furnish, within the time and in the manner
specified in the notice, any such information to him by writing signed by that
person or, in the case of a corporation, by a competent officer of the
corporation; or
                    (b) to produce, in accordance with the notice, any
such documents to him or to a person specified in the notice acting on his
behalf.
            (2) A person who does not comply with a notice
under subsection (1) is guilty of an offence punishable, on conviction, by
a fine not exceeding 20 penalty units or imprisonment for 12 months, or both.
         (2A) Subsection (2) does not apply if the
person complies with the notice to the extent to which the person is capable of
complying with it.
Note:Â Â Â Â Â Â Â Â Â A
defendant bears an evidential burden in relation to the matter in
subsection (2A), (see subsection 13.3(3) of the Criminal Code).
            (3) A person is not excused from furnishing
information or producing a document in pursuance of this section on the ground
that the information or document might tend to incriminate him, but his answer
to any question asked in the notice, or his furnishing of any other information
in pursuance of the notice, is not admissible in evidence against him in any
criminal proceedings other than proceedings under this Act.
                  It
is the intention of the Parliament that this Act shall not apply to the
exclusion of any law of a State or Territory to the extent that that law is
capable of operating concurrently with this Act.
                  An
act is not invalidated by the fact that it constitutes an offence against this
Act.
            (1) In this section, scheme means:
                    (a) any agreement, arrangement, understanding,
promise or undertaking, whether express or implied and whether or not
enforceable, or intended to be enforceable, by legal proceedings; and
                    (b) any scheme, plan, proposal, action, course of
action or course of conduct, whether unilateral or otherwise.
            (2) Where:
                    (a) a person or persons enter into, commence to
carry out or carry out a scheme (other than a scheme entered into before the
commencement of this section);
                    (b) it would be concluded that the person, or any
of the persons, who entered into, commenced to carry out or carried out the
scheme or any part of the scheme did so for the sole or dominant purpose of
avoiding the application of any provision of this Act in relation to any person
or persons (whether or not a person or persons who entered into, commenced to
carry out or carried out the scheme or any part of the scheme); and
                    (c) the
scheme or the part of the scheme has achieved, or apart from this section,
would achieve, that purpose;
the Treasurer may make any order under this Act that the
Treasurer would have been able to make if the scheme or the part of the scheme
had not achieved that purpose.
            (3) Subsection (2) does not authorise the
making of an order prohibiting a person from doing any thing that has already
been done by the person before the order is made.
                  The
Governor‑General may make regulations, not inconsistent with this Act,
prescribing all matters required or permitted by this Act to be prescribed or
necessary or convenient to be prescribed for carrying out or giving effect to
this Act.