Foreign Acquisitions and Takeovers Regulation 2015 (Cth)

PART 3 - EXEMPTIONS  

Division 3 - Exemptions for certain actions  

Subdivision D - Actions relating to Australian land etc.  

SECTION 37   ACQUISITION IN CERTAIN CIRCUMSTANCES  

37(1)    
The excluded provisions do not apply in relation to an acquisition of an interest in Australian land by a foreign person if a subsection of this section applies in relation to the acquisition.

Securities in listed Australian land entities and stapled securities

37(2)    
All of the following apply:

(a)    the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity;

(b)    the land entity is or will be listed for quotation in the official list of a stock exchange (whether or not in Australia);

(c)    after the acquisition, the foreign person, alone or together with one or more associates, holds an interest of less than 10% in the land entity;

(d)    the foreign person is not in a position:

(i) to influence or participate in the central management and control of the land entity; or

(ii) to influence, participate in or determine the policy of the land entity.

37(3)    
All of the following apply:

(a)    the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity;

(b)    the interest in the shares or units can only be transferred together with interests in one or more securities in another entity;

(c)    the interest in the securities in the other entity is covered by subsection (2) .

Securities in unlisted Australian land entities

37(4)    
All of the following apply:

(a)    the acquisition is of an interest in Australian land that is an acquisition of an interest in shares or units in a land entity;

(b)    the land entity is not, and will not be, listed for quotation in the official list of a stock exchange (whether or not in Australia);

(c)    

after the acquisition, the foreign person, alone or together with one or more associates, holds an interest of less than 10% in the land entity;

(d)    the foreign person is not in a position:

(i) to influence or participate in the central management and control of the land entity; or

(ii) to influence, participate in or determine the policy of the land entity;

(e) (Repealed)

(f)    the land entity carries on a business that does not include (other than incidentally) investing directly or indirectly in established dwellings.

Acquisitions for diplomatic or consular purposes

37(5)    
Both of the following apply:

(a)    the foreign person is:

(i) a foreign government or a separate government entity; or

(ii) an entity (within the ordinary meaning of the term) in which a foreign government holds a substantial interest;

(b)    the acquisition is of an interest in commercial land or residential land to be used exclusively as any of the following:

(i) a diplomatic mission or consular post;

(ii) a diplomatic residence or the residence of the head of a consular post.