Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 13

             (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.