Document ID: chunk:federal_register_of_legislation:F2024C01235:reg:37:p1
Version: federal_register_of_legislation:F2024C01235
Segment Type: reg
Provision Reference: reg 37 (pt 1/2)
Character Range: 82281–84911

37  Acquisition in certain circumstances
 (1) The excluded provisions do not apply in relation to an acquisition of an interest in Australian land by a foreign person if a subsection of this section applies in relation to the acquisition.

Securities in listed Australian land entities and stapled securities
 (2) All of the following apply:
 (a) the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity;
 (b) the land entity is or will be listed for quotation in the official list of a stock exchange (whether or not in Australia);
 (c) after the acquisition, the foreign person, alone or together with one or more associates, holds an interest of less than 10% in the land entity;
 (d) the foreign person is not in a position:
 (i) to influence or participate in the central management and control of the land entity; or
 (ii) to influence, participate in or determine the policy of the land entity.
 (3) All of the following apply:
 (a) the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity;
 (b) the interest in the shares or units can only be transferred together with interests in one or more securities in another entity;
 (c) the interest in the securities in the other entity is covered by subsection (2).

Securities in unlisted Australian land entities
 (4) All of the following apply:
 (a) the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity;
 (b) the land entity is not, and will not be, listed for quotation in the official list of a stock exchange (whether or not in Australia);
 (c) after the acquisition, the foreign person, alone or together with one or more associates, holds an interest of less than 10% in the land entity;
 (d) the foreign person is not in a position:
 (i) to influence or participate in the central management and control of the land entity; or
 (ii) to influence, participate in or determine the policy of the land entity;
 (f) the land entity carries on a business that does not include (other than incidentally) investing directly or indirectly in established dwellings.

Acquisitions for diplomatic or consular purposes
 (5) Both of the following apply:
 (a) the foreign person is:
 (i) a foreign government or a separate government entity; or
 (ii) an entity (within the ordinary meaning of the term) in which a foreign government holds a substantial interest;
 (b) the acquisition is of an interest in commercial land or residential land to be used exclusively as any