Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 35

             (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.