Document ID: chunk:federal_register_of_legislation:C2015A00150:clause:1_80
Version: federal_register_of_legislation:C2015A00150
Segment Type: clause
Provision Reference: sch 1 cl 80
Character Range: 117035–118183

80  Simplified outline of this Part

      A foreign person who proposes to take a notifiable action must give a notice to the Treasurer before taking the action.
      If such a notice is given by a foreign person, or if a foreign person chooses to give a notice of a significant action despite not being required to do so, the foreign person must not take the action for a certain period unless the foreign person is given a no objection notification. Generally, the period is 40 days from receiving the notice, or up to 90 days from the publication of an interim order. The person may be prevented from taking the action by an order under Part 3.
      Unlike for other parts of this Act, if an action is taken by entering an agreement, the action is taken for the purposes of this Part only when the provisions in the agreement become binding on the person (see subsections 15(4) and (5)).
      A foreign person who fails to comply with this Part may commit an offence or be liable to a civil penalty.
      Under section 113, a fee is payable in relation to notices given under section 81 and notices that a foreign person chooses to give.