FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 47 Meaning of notifiable action --general

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 47

  (1)   An action is a notifiable action if the conditions in this section are met.

First condition--kinds of action

  (2)   The first condition is that the action is any of the following:

  (a)   to acquire a direct interest in:

  (i)   an Australian entity that is an agribusiness; or

  (ii)   an Australian business that is an agribusiness;

  (b)   to acquire a substantial interest in an Australian entity;

  (c)   to acquire an interest in Australian land.

Note:   For the definition of acquire a direct interest or a substantial interest, see section   20.

Second condition--threshold

  (3)   The second condition is that the threshold test is met in relation to the entity, business or land (see Subdivision B of Division   4).

Third condition--kinds of entities covered

  (4)   If subparagraph   (2)(a)(i) or paragraph   (b) applies, the third condition is that the entity is:

  (a)   an Australian corporation that carries on an Australian business, whether alone or together with one or more other persons; or

  (b)   an Australian unit trust; or

  (c)   an Australian entity that is the holding entity of an entity mentioned in paragraph   (a) or (b).

Last condition--action taken by a foreign person

  (5)   The last condition (whether paragraph   (2)(a), (b) or (c) applies) is that the action is or is to be taken by a foreign person.