Foreign Acquisitions and Takeovers Legislation Amendment Act 2015 (150 of 2015)

Schedule 3   Application and transitional provisions for Schedules 1 and 2 and Fees Imposition Act

3   Notices given during transitional period in relation to actions relating to Australian rural land

(1) A notice that is given under section 25 or 26 of the old provisions or the Policy during the transitional period in relation to Australian rural land is taken, after commencement, to be a notice given under section 81 of the new provisions in relation to agricultural land.

(2) Section 77 (time limit on making orders and decisions) of the new provisions applies in relation to such a notice as if the notice were given at commencement.

(3) A notice given by the Treasurer in accordance with the Policy during the transitional period in relation to an acquisition or proposed acquisition of Australian rural land binds the Commonwealth after commencement.

Note: The notice does not bind the person to whom the notice is given.

References to agricultural land

(4) The new provisions apply in relation to an interest in Australian rural land to which this item applies as if a reference in those provisions to agricultural land were a reference to Australian rural land.