Document ID: chunk:federal_register_of_legislation:C2021C00358:clause:3_3
Version: federal_register_of_legislation:C2021C00358
Segment Type: clause
Provision Reference: sch 3 cl 3
Character Range: 303619–305419

3                                              paragraph 55B(1)(c) (acquiring direct interest in entity that carries on national security business) applies to the action.  (a) the foreign person no longer holds an interest of any percentage in the entity referred to in paragraph 55B(1)(c); or
                                                                                                                                                                            (b) the entity no longer carries on any business; or
                                                                                                                                                                            (c) the business carried on by the entity is neither a national security business nor an Australian business; or
                                                                                                                                                                            (d) the entity ceases to exist.

 (3) Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under item 2 or 3 of the table in subsection (2).
Note: The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under item 2 or 3 of the table.

Registrable event day
 (4) The registrable event day for a register notice under this section is the day on which the foreign person takes the notifiable national security action.

Application—Register commencement day
 (5) This section applies to actions taken on or after the Register commencement day.