Foreign Acquisitions and Takeovers Regulation 2015 (Cth)

PART 3 - EXEMPTIONS  

Division 5 - Exemptions from other specified provisions  

SECTION 45   MEANING OF ASSOCIATE - EXEMPTIONS  
Consortiums

45(1)    
Paragraph 6(1)(b) of the Act does not apply to a person (the first person ) to the extent that:

(a)    the first person holds an interest in a body established for the purposes of a consortium with one or more other persons (the consortium partners ); and

(b)    the first person, and its associates, do not hold a substantial interest or an aggregate substantial interest in the body; and

(c)    none of the consortium partners that are foreign persons, and their associates, hold a substantial interest or an aggregate substantial interest in the body.

Note: Under paragraph 6(1)(b) of the Act, 2 persons who act in concert are associates. The effect of this subsection is that partners in a consortium are not associates if none of the partners, or their associates, that are foreign persons hold a substantial interest or an aggregate substantial interest in the body established for the purposes of the consortium.

45(2)    
Subsection (1) is to be disregarded in determining whether a person is an associate for the purposes of paragraphs (1)(b) and (c).

45(3) - (4)    
(Repealed by FRLI No F2020L01568, Sch 4 [ 4] (effective 1 January 2021).)

Foreign government investors

45(5)    
Paragraph 6(1)(l) of the Act does not apply to a foreign government investor mentioned in:

(a)    

subparagraph (1)(b)(ii), (c)(ii) or (d)(ii) of the definition of foreign government investor in section 17 of this instrument; or

(b)    

paragraph (1)(e) of that definition to the extent that it relates to any of those subparagraphs.