FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 84 Failing to give notice

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 84

Failing to give notice--general case

  (1)   A person commits an offence if:

  (a)   the person is a foreign person; and

  (b)   the person takes an action (other than because of the operation of section   18A (increasing percentage of interests without acquiring additional interests in securities)); and

  (c)   the action is a notifiable action or notifiable national security action; and

  (d)   a notice is not given under subsection   81(1) in relation to the action before the action is taken.

Note:   If a person takes an action by entering an agreement, the action is not taken until the agreement is binding on the person (see subsections   15(4) and (5)).

Penalty:   Imprisonment for 10 years, or 15,000 penalty units (or 150,000 penalty units if the person is a corporation), or both.

Failing to give notice--increasing percentage of interests without acquiring additional interests in securities

  (2)   A person commits an offence if:

  (a)   the person is a foreign person; and

  (b)   the person takes an action because of the operation of section   18A (increasing percentage of interests without acquiring additional interests in securities); and

  (c)   the action is a notifiable action or a notifiable national security action; and

  (d)   the person does not give a notice as required by subsection   81(1A) before the end of 30 days after the action is taken.

Note:   The notice may be given before or after the action is taken.

Penalty:   Imprisonment for 10 years, or 15,000 penalty units (or 150,000 penalty units if the person is a corporation), or both.