Document ID: chunk:federal_register_of_legislation:C2024C00844:section:41
Version: federal_register_of_legislation:C2024C00844
Segment Type: section
Provision Reference: s 41
Character Range: 106349–107834

41  Meaning of significant action—businesses
 (1) An action is a significant action if the conditions in this section are met.

First condition—kinds of action
 (2) The first condition is that the action is any of the following:
 (a) to acquire a direct interest in an Australian business that is an agribusiness;
 (b) to acquire interests in assets of an Australian business;
 (c) to enter or terminate a significant agreement with an Australian business.
Note: An action mentioned in paragraph (2)(b) or (c) may be taken in relation to an Australian business that is an agribusiness (see section 42).

Second condition—threshold
 (3) The second condition is that the threshold test is met in relation to the Australian business (see Subdivision B of Division 4).

Third condition—action taken by a foreign person
 (4) If paragraph (2)(a) applies, the third condition is that the action is or is to be taken by a foreign person.

Third condition—action results in change in control
 (5) If paragraph (2)(b) or (c) applies, the third condition is that there would be or has been a change in control of the business as a result of the action (see Subdivision C of Division 4).
 (6) However, the third condition in subsection (5) is not required to be met if:
 (a) paragraph (2)(b) applies; and
 (b) the action is or is to be taken by a foreign person who controls the business (whether alone or together with one or more associates) immediately before the action is or is to be taken.