Document ID: chunk:federal_register_of_legislation:C2015A00150:clause:1_76
Version: federal_register_of_legislation:C2015A00150
Segment Type: clause
Provision Reference: sch 1 cl 76
Character Range: 109910–112148

76  Content of notification
 (1) A no objection notification given to a person under section 74 or 75 must specify the following:
 (a) the one or more actions to which the notification relates;
 (b) the one or more foreign persons to which the notification relates;
 (c) a requirement that the actions to which the notification relates, if taken, must be taken before the end of a specified period after the day the notification is given.
 (2) The no objection notification may specify a foreign person by specifying:
 (a) a foreign person that:
 (i) is not yet incorporated; or
 (ii) is a trustee of a trust that is not yet established; and
 (b) the way in which the foreign person is to be incorporated or the trust is to be established.
 (3) A foreign person is taken not to be specified in a no objection notification if:
 (a) the notification specified the foreign person under subsection (2) before the foreign person was incorporated or the trust was established; and
 (b) the foreign person is not incorporated or the trust is not established in the way specified in the notification.
Note: The protection under section 70 from disposal orders applies to a foreign person only if the foreign person is specified in a no objection notification.
 (4) The period mentioned in paragraph (1)(c) is:
 (a) the period prescribed by the regulations; or
 (b) if the Treasurer is satisfied that a longer period is not contrary to the national interest—that longer period.
 (5) A single notification may include a no objection notification under each of sections 74 and 75 in relation to different actions.

Variation of no objection notification
 (6) A person given a no objection notification may apply to the Treasurer for a variation of the notification (including after the action specified in the notification is taken).
Note: See also Part 6 (fees) and section 135 (manner of application).
 (7) An application for an extension of a period specified in a no objection notification must be made 2 months before the end of the period.
 (8) The Treasurer may vary a no objection notification if the Treasurer is satisfied that the variation is not contrary to the national interest.

Division 3—Provisions relating to powers of Treasurer