Document ID: chunk:federal_register_of_legislation:C2023C00318:section:69
Version: federal_register_of_legislation:C2023C00318
Segment Type: section
Provision Reference: s 69
Character Range: 54710–56253

69  Investments of Corporation bodies to be solely or mainly Australian‑based
 (1) The Board must take all reasonable steps to ensure that each investment of a Corporation body is at all times solely or mainly Australian‑based.
 (2) As soon as practicable after the Board becomes aware that an investment of a Corporation body has ceased to be, or never was, solely or mainly Australian‑based, the Board must give the Ministers a written statement:
 (a) informing the Ministers; and
 (b) setting out the action that the Board proposes to take in order to ensure that all investments of the Corporation body are solely or mainly Australian‑based.
 (3) If the Ministers are satisfied that an investment of a Corporation body has ceased to be, or was never, solely or mainly Australian‑based, the Ministers may (whether or not the Board has given the Ministers a statement under subsection (2)), by written notice given to the Board, direct the Board:
 (a) to give the Ministers, within a period specified in the notice, a written explanation; and
 (b) to take action specified in the notice, within a period specified in the notice, in order to ensure that all investments of the Corporation body are solely or mainly Australian‑based.
 (4) The Board must comply with a direction under subsection (3).
 (5) The fact that an investment of a Corporation body has ceased to be, or never was, solely or mainly Australian‑based, does not affect the validity of any transaction.
 (6) A direction under subsection (3) is not a legislative instrument.