Foreign Acquisitions and Takeovers Regulation 2015 (Cth)

PART 3 - EXEMPTIONS  

Division 5 - Exemptions from other specified provisions  

SECTION 46   MEANING OF FOREIGN PERSON - POTENTIAL VOTING POWER AND FUTURE RIGHTS  

46(1)    
This section applies for paragraphs (b), (c), (d) and (e) of the definition of foreign person in section 4 of the Act, to the extent that that definition applies for the purposes of the following:

(a)    item 8 of the table in subsection 67(2) of the Act (orders prohibiting proposed significant action);

(b)    item 3 of the table in subsection 67(3) of the Act (additional orders);

(c)    item 7 of the table in subsection 69(2) of the Act (disposal orders);

(d)    

item 9 of the table in subsection 79D(2) (orders prohibiting proposed actions);

(e)    

item 3 of the table in subsection 79D(3) (additional orders);

(f)    

item 7 of the table in subsection 79E(2) (disposal orders);

(g)    

Part 4 of the Act (notices required for notifiable actions and notifiable national security actions, and may be given of other actions).

Note 1: Paragraphs (b), (c), (d) and (e) of the definition of foreign person cover corporations and trustees of trusts in which foreign persons hold substantial interests or aggregate substantial interests.

Note 2: The items mentioned in paragraphs (a) to (f) of this subsection relate to acquisitions of interests in Australian land.

46(2)    
The provisions specified in subsection (1) of this section do not apply in relation to an interest in a security that a person holds that is part of a substantial interest or an aggregate substantial interest in an entity because:

(a)    the person is in a position to control a specified percentage of the potential voting power of the entity; or

(b)    the person would hold at least a specified percentage of the issued securities in the entity if securities in the entity were issued as a result of the exercise of some or all rights of a kind mentioned in paragraph 15(1)(b) or (c) of the Act.