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Foreign Takeovers Amendment Act 1989

No. 14 of 1989

TABLE OF PROVISIONS

Section
  1. Short title etc.
  2. Commencement
  3. Title
  4. Short title
  5. Additional operation of Act
  6. Interpretation
  7. Insertion of new section:
        5a. Ordinarily resident non-citizens
  8. Associates
  9. Australian business
  10. Substantial and controlling interests in corporations
  11. Insertion of new section:
        9a. Substantial interests in trust estates
  12. Insertion of new sections:
            12a. Interests in Australian urban land
            12b. Interests in trust estates
            12c. Tracing of substantial interests in corporations and trust estates
  13. Prescribed corporations
  14. Insertion of new sections:
            13a. Exempt dealings
            13b. Valuation of assets for purposes of section 13a
            13c. Australian urban land corporations
            13d. Australian urban land trust estates
  15. Heading
  16. Insertion of new section:
            21a. Acquisitions of interests in Australian urban land
  17. Interim orders
  18. Revocation of orders
TABLE OF PROVISIONS—continued
Section
  19. Publication of orders
  20. Effect of notification of transactions
  21. Compulsory notification of certain section 18 transactions
  22. Insertion of new section:
            26a. Compulsory notification of certain section 21a transactions
  23. Form of notification
  24. Offences
  25. Defence to prosecutions
  26. Repeal of section 34
  27. Powers of court to enforce Treasurer's orders
  28. Treasurer may require information
  29. Insertion of new section:
            36a. False or misleading statements etc.
  30. Insertion of new section:
            38a. Anti-avoidance
  31. Consequential amendment of other Acts
  32. Application

SCHEDULE

AMENDMENT OF ACTS

Foreign Takeovers Amendment Act 1989

No. 14 of 1989

An Act to amend the Foreign Takeovers Act 1975

[Assented to 13 April 1989]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title etc.
1. (1) This Act may be cited as the Foreign Takeovers Amendment Act 1989.
(2) In this Act, "Principal Act" means the Foreign Takeovers Act 19751.

Commencement
2. This Act commences on a day to be fixed by Proclamation.

Title
3. The title of the Principal Act is repealed and the following title is substituted:
"An Act relating to the foreign acquisition of certain land interests and to the foreign control of certain business enterprises and mineral rights".

Short title
4. Section 1 of the Principal Act is amended by omitting "Foreign Takeovers Act 1975" and substituting "Foreign Acquisitions and Takeovers Act 1975".

Additional operation of Act
5. Section 4 of the Principal Act is amended:
     (a) by omitting from paragraph (3) (b) "or" (last occurring);
     (b) by adding at the end of subsection (3) the following paragraphs:
          "; (d) the trustee of a trust estate in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest; or
         (e) the trustee