Document ID: chunk:federal_register_of_legislation:C2004A03762:body:0:p11
Version: federal_register_of_legislation:C2004A03762
Segment Type: other
Provision Reference: 
Character Range: 25125–27878

purposes of subsection (1) if:
     (a) the person giving the valuation was at the time of the valuation a suitably qualified valuer acting at arm's length in relation to the valuation;
     (b) the valuation was made not more than 12 months before the particular time; and

     (c) the value of those assets had not increased significantly between the time of the valuation and the particular time.".

Heading
15. The heading to Part II of the Principal Act is amended by omitting "LIKE" and substituting "OTHER".

16. After section 21 of the Principal Act the following section is inserted:

Acquisitions of interests in Australian urban land
"21a. (1) In this section:
     'foreign person' means:
         (a) a foreign corporation in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest; or
         (b) a foreign corporation in which 2 or more persons, each of whom is a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest.
"(2) Where the Treasurer is satisfied that:
     (a) a foreign person proposes to acquire an interest in Australian urban land; and
     (b) the proposed acquisition would be contrary to the national interest;
the Treasurer may make an order prohibiting the proposed acquisition.
"(3) Where the Treasurer makes such an order in relation to an interest in Australian urban land, he or she may also make an order in relation to:
     (a) a specified foreign person; or
     (b) a specified foreign person and specified associates, or the persons included in a specified class of associates, of that person;
directing that that person shall not, or none of those persons shall, whether alone or together with any other or others of them, acquire:
     (c) any interest in the land or other thing concerned; or
     (d) any such interest except to a specified extent.
"(4) Where a foreign person has acquired an interest in Australian urban land and the Treasurer is satisfied that the acquisition is contrary to the national interest, the Treasurer may make an order directing the foreign person to dispose of that interest within a specified period to any person or persons approved in writing by the Treasurer.
"(5) Before the end of the period specified in the order or of that period as extended under this subsection, the Treasurer may, by writing signed by the Treasurer, extend or further extend that period or that period as so extended, and in that event the order has effect as if the period as so extended or further extended had been specified in the order.
"(6) For the purposes of subsection (4), but without limiting the generality of that subsection:

     (a) a foreign person shall