FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 91 Failing to give notice

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 91

Failing to give notice--general case

  (1)   A foreign person who proposes to take a notifiable action or notifiable national security action (other than because of the operation of section   18A (increasing percentage of interests without acquiring additional interests in securities)) must give a notice under subsection   81(1) before taking the action.

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)).

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

  (2)   A foreign person who takes a notifiable action or notifiable national security action because of the operation of section   18A (increasing percentage of interests without acquiring additional interests in securities) must give a notice to the Treasurer before the end of 30 days after the action is taken.

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

Civil penalty provisions

  (3)   A person who contravenes subsection   (1) or (2) is liable to a civil penalty.

  (4)   The maximum penalty for the contravention is the lesser of the following:

  (a)   2,500,000 penalty units;

  (b)   the greater of the following:

  (i)   5,000 penalty units (or 50,000 penalty units if the person is a corporation);

  (ii)   the amount worked out under section   98F for the action.