FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 104 Creation of charge on land

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 104

  (1)   This section applies in relation to land if:

  (a)   a court finds that a person has contravened Division   3 of this Part (civil penalties); and

  (b)   a pecuniary penalty is imposed on the person in relation to the contravention; and

  (c)   the person has an interest in Australian land covered by subsection   (2) that can be registered on a land register; and

  (d)   either:

  (i)   the contravention relates to the acquisition of the interest in the land; or

  (ii)   the Treasurer makes a declaration under section   105 that this section applies in relation to the land.

Note:   Subsection   (5) contains an exception to this section (proceeds of crime orders).

Kinds of interests covered by this subsection

  (2)   The interest in Australian land is either:

  (a)   an interest under a long term lease; or

  (b)   any other legal or equitable interest (within the ordinary meaning of the term) in Australian land, except:

  (i)   an interest under a lease (except a long term lease); or

  (ii)   an interest under a licence; or

  (iii)   an interest in a mining or production tenement; or

  (iv)   an interest in an easement; or

  (v)   an interest giving a right (known as a profit à prendre) to take something off another person's land, or to take something out of the soil of that land; or

  (vi)   an interest held on trust for another person; or

  (vii)   an interest of a kind prescribed by the regulations.

Creation of charge

  (3)   A charge is created on land to which this section applies to secure the payment of the penalty.

  (4)   The charge is created at the time:

  (a)   if subparagraph   (1)(d)(i) applies--the penalty is imposed; or

  (b)   if subparagraph   (1)(d)(ii) applies--the declaration comes into force.

Exception in relation to proceeds of crime orders

  (5)   This section does not apply if at the time mentioned in subsection   (4):

  (a)   a restraining order is in force in relation to the land under Part   2 - 1 of the Proceeds of Crime Act 2002 ; or

  (b)   a forfeiture order is in force in relation to the land under Part   2 - 2 of that Act; or

  (c)   an order (however described) of a kind prescribed by the regulations is in force in relation to the land under a law of the Commonwealth, a State or a Territory.