Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 7

             (1)  A reference in this Act to an Australian business is a reference to a business that is carried on wholly or partly in Australia in anticipation of profit or gain.

             (2)  For the purposes of this Act, the holder of a mineral right shall, by virtue of his or her holding that right, be deemed to carry on in Australia, in anticipation of profit or gain, a business of exploiting that right, and that right shall be deemed to be an asset of that business.

             (3)  A reference in this Act, other than this section, to an Australian business does not include a reference to a business that is, or is deemed to be, carried on by any of the following persons, whether alone or together with any other person or persons:

                     (a)  the Commonwealth, a State or a Territory;

                     (b)  a corporation constituted for a public purpose by a law of the Commonwealth or of a State or Territory; or

                     (c)  a local governing body.