FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975

This compilation was prepared on 14 July 2008
taking into account amendments up to Act No. 73 of 2008

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General's Department, Canberra

Contents

Part I--Preliminary 1

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Transitional provisions ....................................................................... 1

4............ Additional operation of Act ............................................................... 2

5............ Interpretation ...................................................................................... 5

5A......... Ordinarily resident non‑citizens ......................................................... 9

6............ Associates ......................................................................................... 10

7............ Australian business ........................................................................... 11

8............ Control of voting power ................................................................... 11

9............ Substantial and controlling interests in corporations ........................ 12

9A......... Substantial interests in trust estates ................................................. 12

10.......... Holding corporations and subsidiaries .............................................. 13

11.......... Interests in shares ............................................................................. 14

12.......... Interests in assets ............................................................................. 15

12A....... Interests in Australian urban land ..................................................... 16

12B....... Interests in trust estates ................................................................... 17

12C....... Tracing of substantial interests in corporations and trust estates .... 18

13.......... Prescribed corporations .................................................................... 19

13A....... Exempt dealings ................................................................................ 20

13B....... Valuation of assets for purposes of section 13A ............................. 21

13C....... Australian urban land corporations .................................................. 23

13D....... Australian urban land trust estates ................................................... 24

14.......... Voting power .................................................................................... 25

15.......... Application of Act ........................................................................... 25

16.......... Extra‑territorial operation of Act ...................................................... 25

17.......... Persons obliged to comply with Act ................................................ 25

Part IA--Exempt foreign investments 26

17A....... Exempt foreign investments in prescribed corporations etc. ............ 26

17B....... Asset thresholds for exempt foreign investments in prescribed corporations etc.--prescribed foreign investors 27

17C....... Asset thresholds for exempt foreign investments in prescribed corporations etc.--prescribed foreign government investors ........................................................................................... 29

17D....... Exempt foreign investments in financial sector companies etc. ........ 30

17E........ Prescribed foreign investor ............................................................... 31

17F........ Foreign government investor ............................................................ 31

17G....... Prescribed foreign government investor ............................................ 32

17H....... Prescribed sensitive sector ................................................................ 32

Part II--Control of takeovers and other transactions 33

18.......... Acquisitions of shares ...................................................................... 33

19.......... Acquisitions of assets ....................................................................... 36

20.......... Arrangements relating to directorate of corporations ....................... 38

21.......... Arrangements relating to control of Australian businesses .............. 40

21A....... Acquisitions of interests in Australian urban land ........................... 42

22.......... Interim orders ................................................................................... 44

23.......... Revocation of orders ......................................................................... 44

24.......... Publication of orders ......................................................................... 44

25.......... Effect of notification of transactions ................................................ 44

26.......... Compulsory notification of certain section 18 transactions ............. 47

26A....... Compulsory notification of certain section 21A transactions .......... 50

27.......... Form of notification .......................................................................... 51

28.......... Notification of options ..................................................................... 52

Part III--Miscellaneous 53

30.......... Offences ............................................................................................ 53

31.......... Offences by officers of corporations ................................................ 53

35.......... Powers of court to enforce Treasurer's orders ................................. 53

36.......... Treasurer may require information ................................................... 56

37.......... Effect of Act on other laws .............................................................. 57

38.......... Validity of acts done in contravention of Act .................................. 57

38A....... Anti‑avoidance .................................................................................. 57

39.......... Regulations ....................................................................................... 58

Notes 59

An Act relating to the foreign acquisition of certain land interests and to the foreign control of certain business enterprises and mineral rights

Notes to the Foreign Acquisitions and Takeovers Act 1975

Note 1

The Foreign Acquisitions and Takeovers Act 1975 as shown in this compilation comprises Act No. 92, 1975 amended as indicated in the Tables below.

All relevant information pertaining to application, saving or transitional provisions prior to 24 November 2000 is not included in this compilation. For subsequent information see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Foreign Takeovers Act 1975	92, 1975	28 Aug 1975	1 Jan 1976 (see Gazette 1975, No. S267)
Foreign Takeovers Amendment Act 1976	93, 1976	20 Sept 1976	Ss. 1, 2, 3(2), 5, 9, 11 and 12: Royal Assent Remainder: 1 Jan 1976	Ss. 11 and 12
Jurisdiction of Courts (Miscellaneous Amendments) Act 1979	19, 1979	28 Mar 1979	Parts II--XVII (ss. 3--123): 15 May 1979 ( see Gazette 1979, No. S86) Remainder: Royal Assent	S. 124
Commonwealth Functions (Statutes Review) Act 1981	74, 1981	18 June 1981	Part XII (ss. 185--187): Royal Assent (a)	--
Foreign Takeovers Amendment Act 1989	14, 1989	13 Apr 1989	1 Aug 1989 (see Gazette 1989, No. S240)	S. 32
Migration Legislation Amendment Act 1994	60, 1994	9 Apr 1994	S. 85: 1 Sept 1994 (b)	--
Crimes and Other Legislation Amendment Act 1997	20, 1997	7 Apr 1997	Schedule 2 (item 5): Royal Assent (c)	--
Company Law Review Act 1998	61, 1998	29 June 1998	Schedule 4 (item 10): 1 July 1998 ( see Gazette 1998, No. S317) (d)	--
Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000	137, 2000	24 Nov 2000	Ss. 1--3 and Schedule 1 (items 1, 4, 6, 7, 9--11, 32): Royal Assent Remainder: 24 May 2001	Sch. 2 (items 418, 419) [see Table A]
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 1) 2001	31, 2001	28 Apr 2001	Ss. 1--3, Schedule 1 (items 1--4) and Schedule 2: Royal Assent Schedule 1 (items 171, 172): 18 Jan 2001 (see s. 2(2)) Remainder: 15 Dec 2001 (see s. 2(4))	--
US Free Trade Agreement Implementation Act 2004	120, 2004	16 Aug 2004	Schedule 5: 1 Jan 2005	--
Statute Law Revision Act 2008	73, 2008	3 July 2008	Schedule 4 (items 295--298): 4 July 2008	--

(a) The Foreign Acquisitions and Takeovers Act 1975 was amended by Part XII (sections
185--187) only of the Commonwealth Functions (Statutes Review) Act 1981, subsection 2(1) of which provides as follows:

(1) Parts I, IV, IX, X, XI, XII, XIII, XVII (other than sections 220, 221, 222, 223, 225, 226, 227, 228, and 230), XX, XXI, XXII and XXIII shall come into operation on the day on which this Act receives the Royal Assent.

(b) The Foreign Acquisitions and Takeovers Act 1975 was amended by section 85 only of the Migration Legislation Amendment Act 1994, subsection 2(3) of which provides as follows:

(3) The remaining provisions of this Act commence immediately after the commencement of section 3 of the Migration Reform Act 1992.

Section 3 commenced on 1 September 1994.

(c) The Foreign Acquisitions and Takeovers Act 1975 was amended by Schedule 2 (item 5) only of the Crimes and Other Legislation Amendment Act 1997, subsection 2(1) of which provides as follows:

(1) Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent.

(d) The Foreign Acquisitions and Takeovers Act 1975 was amended by Schedule 4 (item 10) only of the Company Law Review Act 1998, subsection 2(2) of which provides as follows:

(2) Subject to subsection (3), section 3 and Schedules 1, 2, 3 and 4 commence on a day to be fixed by Proclamation.

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Title......................................	rs. No. 14, 1989
Part I
S. 1......................................	am. No. 14, 1989
S. 3......................................	am. No. 93, 1976; No. 19, 1979
S. 4......................................	am. No. 14, 1989
S. 5......................................	am. No. 93, 1976; No. 74, 1981; No. 14, 1989; No. 61, 1998; No. 120, 2004; No. 73, 2008
S. 5A...................................	ad. No. 14, 1989
	am. No. 60, 1994
S. 6......................................	am. No. 14, 1989
S. 7......................................	am. No. 14, 1989; No. 73, 2008
S. 8......................................	am. No. 93, 1976
S. 9......................................	am. No. 14, 1989
S. 9A...................................	ad. No. 14, 1989
S. 11....................................	am. No. 73, 2008
Ss. 12A--12C.......................	ad. No. 14, 1989
S. 13....................................	am. No. 14, 1989
S. 13A.................................	ad. No. 14, 1989
S. 13B.................................	ad. No. 14, 1989
	am. No. 120, 2004
Ss. 13C, 13D.......................	ad. No. 14, 1989
S. 15....................................	am. No. 93, 1976
Part IA
Part IA.................................	ad. No. 120, 2004
Ss. 17A--17H.......................	ad. No. 120, 2004
Part II
Heading to Part II.................	am. No. 14, 1989
Ss. 18--21............................	am. No. 73, 2008
S. 21A.................................	ad. No. 14, 1989
S. 22....................................	am. No. 14, 1989; No. 73, 2008
S. 23....................................	am. No. 14, 1989
S. 24....................................	am. No. 14, 1989; No. 73, 2008
S. 25....................................	am. No. 14, 1989; No. 31, 2001
S. 26....................................	rs. No. 93, 1976
	am. No. 74, 1981; No. 14, 1989; No. 31, 2001; No. 73, 2008
S. 26A.................................	ad. No. 14, 1989
	am. No. 31, 2001
S. 27....................................	am. No. 14, 1989
S. 28....................................	rs. No. 93, 1976
S. 29....................................	rep. No. 93, 1976
Part III
S. 30....................................	am. No. 14, 1989; No. 31, 2001; No. 73, 2008
S. 32....................................	am. No. 14, 1989
	rep. No. 31, 2001
S. 33....................................	rep. No. 20, 1997
S. 34....................................	rep. No. 14, 1989
S. 35....................................	am. No. 14, 1989
S. 36....................................	am. No. 14, 1989; No. 31, 2001; No. 73, 2008
S. 36A.................................	ad. No. 14, 1989
	rep. No. 137, 2000
S. 38....................................	rs. No. 93, 1976
S. 38A.................................	ad. No. 14, 1989

Table A

Application, saving or transitional provisions

Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences)
Act 2000 (No. 137, 2000)

Schedule 2

418 Transitional--pre‑commencement offences

(1) Despite the amendment or repeal of a provision by this Schedule, that provision continues to apply, after the commencement of this item, in relation to:

(a) an offence committed before the commencement of this item; or

(b) proceedings for an offence alleged to have been committed before the commencement of this item; or

as if the amendment or repeal had not been made.

(2) Subitem (1) does not limit the operation of section 8 of the Acts Interpretation Act 1901.

419 Transitional--pre‑commencement notices

If:

(a) a provision in force immediately before the commencement of this item required that a notice set out the effect of one or more other provisions; and

(b) any or all of those other provisions are repealed by this Schedule; and

the amendment of the first‑mentioned provision by this Schedule does not affect the validity of such a notice that was given before the commencement of this item.

Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - NOTES