Document ID: chunk:federal_register_of_legislation:C2015A00150:clause:1_66
Version: federal_register_of_legislation:C2015A00150
Segment Type: clause
Provision Reference: sch 1 cl 66
Character Range: 87390–89483

66  Simplified outline of this Part

      This Part deals with the powers that the Treasurer has if a significant action is proposed to be taken or has been taken.
      The Treasurer may be aware of the significant action because a foreign person was required to give a notice under section 81. Alternatively, a foreign person might choose to give a notice despite not being required to do so.
      If a significant action is proposed to be taken, the Treasurer may prohibit the action. The Treasurer may make an interim order before deciding whether to make an order prohibiting a significant action.
      If a significant action has been taken, the Treasurer may order that the action be undone (for example, by requiring an acquisition to be disposed of).
      Instead of making an order, the Treasurer may give a notification (called a no objection notification) stating that the Commonwealth does not object to an action. The Treasurer may impose conditions on a significant action.
      If the Treasurer is given a notice that a significant action is proposed to be taken, the Treasurer must make a decision under this Part within a certain period (generally, within 30 days of receiving the notice, or within an additional period of up to 90 days from the publication of an interim order). A person must not take the action during this period unless the person is given a no objection notification.
      In addition, if a foreign person is given a no objection notification relating to a significant action, and the foreign person takes the action in accordance with the notification, the Treasurer is prevented from using the powers under this Part in relation to the action. (This limitation does not apply if foreign persons or actions are not specified in the notification.)
      A person who fails to comply with an order or notification under this Part may commit an offence or be liable to a civil penalty.
      Under section 113, a fee may be payable in relation to orders or notifications given under this Part.

Division 2—Powers of Treasurer

Subdivision A—Orders