Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.
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