Document ID: chunk:federal_register_of_legislation:C2004A03762:body:0:p16
Version: federal_register_of_legislation:C2004A03762
Segment Type: other
Provision Reference: 
Character Range: 37661–40381

by the Treasurer; or
         (ii) the day on which advice is given that the Commonwealth Government does not object to the person entering into that agreement (whether or not the advice is subject to conditions imposed under subsection 25 (1a));
     whichever first occurs;
the person is guilty of an offence and is punishable, on conviction, by:
     (c) if the person is a natural person—a fine not exceeding $50,000 or imprisonment for a period not exceeding 2 years, or both; or
     (d) if the person is a corporation—a fine not exceeding $250,000.
"(3) Where:
     (a) a person enters into an agreement by virtue of which he or she acquires an interest in Australian urban land; and
     (b) the provisions of the agreement that relate to the acquisition of the interest do not become binding until the fulfilment of a condition or conditions set out in the agreement;
the person shall not be taken, for the purposes of subsection (2), to have entered into the agreement until the time when those provisions become binding.
"(4) Without affecting the operation of section 25, this section does not apply to an acquisition of an interest in Australian urban land if:
     (a) that interest is an interest in a share in a corporation;
     (b) the acquisition occurs because of a shareholder subscribing for shares in the corporation;
     (c) the shares were subscribed for in pursuance of a resolution by the corporation or the directors of the corporation agreeing to make available a number of shares specified in, or ascertained in accordance with, the resolution for allotment to persons who were registered as the holders of shares in the corporation on a day specified in the resolution; and
     (d) the proportion of the total shares made available for allotment represented by the shares for which the shareholder so subscribed is as near as practicable to the proportion of the issued shares in the

     corporation, immediately before the day specified in the resolution, that were held by the shareholder immediately before that day.
"(5) For the purposes of subsection (4), it is immaterial that the shares in the corporation comprise 2 or more classes of shares to which different rights are attached.".

Form of notification
23. Section 27 of the Principal Act is amended by omitting "or 26" and substituting ", 26 or 26a".

Offences
24. Section 30 of the Principal Act is amended by omitting subsection (4) and substituting the following subsection:
"(4) A person who is convicted of an offence against this section is punishable by:
     (a) if the person is a natural person—a fine not exceeding $50,000 or imprisonment for a period not exceeding 2 years, or both; or
     (b) if the person is