FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 85 Taking action before end of period

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 85

  (1)   A person commits an offence if:

  (a)   the person is a foreign person; and

  (b)   the person gives a notice to the Treasurer stating that a significant action (including a significant action that is a notifiable action), a notifiable national security action or a reviewable national security action is proposed to be taken; and

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

  (d)   the action is taken before the day mentioned in section   82; and

  (e)   if a change in control is required for the action to be a significant action--there is a change in control as a result of the action.

Note 1:   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)).

Note 2:   A notice might be given under section   81 or because a foreign person chooses to give a notice despite not being required to do so.

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

  (2)   A person commits an offence if:

  (a)   the person is a foreign person; and

  (b)   the Treasurer gives the person a notice under subsection   66A(4) in relation to an action; and

  (c)   at the time the Treasurer gave the notice to the person, the action had not been taken; and

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

  (e)   the action is taken before the day mentioned in section   82; and

  (f)   if a change in control is required for the action to be a significant action--there is a change in control as a result of the action.

Note 1:   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)).

Note 2:   A notice might be given under section   81 or because a foreign person chooses to give a notice despite not being required to do so.

Penalty:   Imprisonment for 10 years, or 15,000 penalty units, or both.