Document ID: chunk:federal_register_of_legislation:C2021C00358:clause:1_55b
Version: federal_register_of_legislation:C2021C00358
Segment Type: clause
Provision Reference: sch 1 cl 55B
Character Range: 43287–44615

55B  Meaning of notifiable national security action
 (1) An action is a notifiable national security action if the action is taken, or proposed to be taken, by a foreign person and the action is any of the following:
 (a) to start a national security business;
 (b) to acquire a direct interest in a national security business;
 (c) to acquire a direct interest in an entity that carries on a national security business;
 (d) to acquire an interest in Australian land that, at the time of acquisition, is national security land;
 (e) to acquire a legal or equitable interest in an exploration tenement in respect of Australian land that, at the time of acquisition, is national security land.
 (2) For the purposes of paragraph (1)(e), a person acquires a legal or equitable interest in an exploration tenement even if:
 (a) the person has previously acquired an interest in an exploration tenement; or
 (b) the interest is an increase in the amount of an existing interest of the person in an exploration tenement.
 (3) The regulations may provide, in relation to exemption certificates in force under regulations made for the purposes of section 63, that an action of a specified kind is not a notifiable national security action.

Division 4B—Meaning of reviewable national security action

Subdivision A—Simplified outline