Foreign Acquisitions and Takeovers Act 1975
PART 3
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POWERS OF TREASURER
Division 2
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Orders relating to actions that are, or whose result would be, contrary to national security or the national interest
Subdivision A
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Orders
SECTION 67
ORDER PROHIBITING PROPOSED ACTIONS
67(1)
The Treasurer may, by notifiable instrument, make an order under subsection (2) if the Treasurer is satisfied that:
(a) a significant action (other than a significant action covered by subparagraph (1A)(a)(ii)) is proposed to be taken; and
(b) taking the significant action would be contrary to the national interest.
67(1A)
The Treasurer may, by notifiable instrument, make an order under subsection (2) if the Treasurer is satisfied that: (a) an action of any of the following kinds is proposed to be taken:
67(2)
The Treasurer may make an order in accordance with the following table.
67(3)
If the Treasurer makes an order under subsection (2), the Treasurer may, by notifiable instrument, also make an order in accordance with the following table.
View history note
Hide history noteThe Treasurer may, by notifiable instrument, make an order under subsection (2) if the Treasurer is satisfied that:
(a) a significant action (other than a significant action covered by subparagraph (1A)(a)(ii)) is proposed to be taken; and
(b) taking the significant action would be contrary to the national interest.
Note: See also section 77 (time limit on making orders and decisions) and Parts 5 (offences and civil penalties) and 6 (fees).
67(1A)
The Treasurer may, by notifiable instrument, make an order under subsection (2) if the Treasurer is satisfied that: (a) an action of any of the following kinds is proposed to be taken:
(i) a notifiable national security action that is not a significant action;
(ii) an action in respect of which the Treasurer has given a notice under subsection 66A(4) ;
(b) taking the action would be contrary to national security.
(iii) a reviewable national security action notified to the Treasurer; and
Note: See also section 77 (time limit on making orders and decisions) and Parts 5 (offences and civil penalties) and 6 (fees).
67(2)
The Treasurer may make an order in accordance with the following table.
| Powers of Treasurer to prohibit proposed actions | ||
| Item | If the action is … | the Treasurer may make an order prohibiting … |
| 1 | to acquire:
(a) a direct interest in an entity or Australian business; or (b) a direct interest in an Australian entity, or an Australian business, that is an agribusiness; or (c) an interest in securities in an entity; or (d) an interest of any percentage in an entity or an Australian business; or (e) an interest in assets of an Australian business; or (f) a direct interest in a national security business; or (g) a legal or equitable interest in an exploration tenement, and that action is to be taken by a foreign person who is not a foreign government investor |
the whole or a part of the proposed acquisition. |
| 2 | to issue securities in an entity | the whole or a part of the proposed issue of the securities. |
| 3 | to enter an agreement mentioned in paragraph 40(2)(d) or subparagraph 55D(2)(a)(ii) | entering the proposed agreement. |
| 4 | to alter a constituent document of an entity as mentioned in paragraph 40(2)(e) or subparagraph 55D(2)(a)(iii) | the proposed alteration. |
| 5 | to start an Australian business, and that action is to be taken by a foreign person who is not a foreign government investor | the starting of the whole or a part of the Australian business. |
| 5A | to start a national security business | the starting of the whole or a part of the national security business. |
| 6 | to enter a significant agreement with an Australian business | entering the proposed agreement. |
| 7 | to terminate a significant agreement with an Australian business | the termination of the existing agreement. |
| 8 | to acquire an interest in Australian land | the proposed acquisition. |
| 9 | to take any significant action prescribed by regulations made for the purposes of section 44 | any thing prescribed by regulations made for the purposes of this item. |
67(3)
If the Treasurer makes an order under subsection (2), the Treasurer may, by notifiable instrument, also make an order in accordance with the following table.
| Additional orders | |||
| Item | If the action is … | the Treasurer may also make an order … | |
| 1 | to acquire:
(a) a direct interest in an entity; or (b) a direct interest in an Australian entity that is an agribusiness; or (c) an interest of any percentage in an entity; or (d) an interest in securities in an entity |
directing a specified foreign person (whether alone or with specified associate or class of associates) not to: | |
| (a) | increase the proportion of the total voting power, or the total potential voting power, in the entity that the person is in a position to control (or increase that proportion beyond a specified proportion); or | ||
| (b) | increase the proportion of interests in issued securities in the entity that the person holds (or increase that proportion beyond a specified proportion). | ||
| 2 | to acquire:
(a) a direct interest in an Australian business that is an agribusiness; or (b) a direct interest in a national security business; or (c) an interest in assets of an Australian business; or (d) an interest of any percentage in an Australian business |
directing a specified foreign person (whether alone or with specified associate or class of associates): | |
| (a) | not to acquire any interests in that business or the assets of that business; or | ||
| (b) | to acquire any such interests only to a specified extent. | ||
| 3 | to acquire an interest in Australian land | directing a specified foreign person (whether alone or with specified associate or class of associates): | |
| (a) | not to acquire any interests in the land or other thing concerned; or | ||
| (b) | to acquire any such interests only to a specified extent. |
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