Foreign person takes action that is a notifiable action under section 47—entities and businesses
130ZJ Foreign person takes action that is a notifiable action under section 47—entities and businesses
A foreign person must give a register notice to the Registrar if the foreign person takes an action:
that is a notifiable action under section 47; and
to which paragraph 47(2)(a) (acquiring direct interest in Australian entity or business that is an agribusiness) or (b) (acquiring substantial interest in Australian entity) applies.
This section applies to actions taken on or after the Register commencement day (see subsection (5)).
If a foreign person gives a register notice under this section in relation to an action mentioned in subsection (1), the following table has effect.
When registered circumstances exist and cease | ||
|---|---|---|
Item | A registered circumstance under this section exists in relation to the foreign person if … | The registered circumstance ceases if … |
1 | subparagraph 47(2)(a)(i) (acquiring direct interest in Australian entity that is an agribusiness) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian entity mentioned in subparagraph 47(2)(a)(i); or (b) the Australian entity ceases to be an Australian entity; or (c) the Australian entity ceases to exist. |
2 | subparagraph 47(2)(a)(ii) (acquiring direct interest in Australian business that is an agribusiness) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian business referred to in subparagraph 47(2)(a)(ii); or (b) the Australian business ceases to be an Australian business; or (c) the Australian business ceases to be carried on. |
3 | paragraph 47(2)(b) (acquiring substantial interest in Australian entity) applies to the action. | (a) the foreign person no longer holds an interest of any percentage in the Australian entity mentioned in paragraph 47(2)(b); or (b) the Australian entity ceases to be an Australian entity; or (c) the Australian entity ceases to exist. |
Disregard any interest that is an equitable interest for the purposes of working out whether a registered circumstance exists, or has ceased, under an item of the table in subsection (2).
The requirement to give a register notice under subsection (1) applies whether or not an interest is an equitable interest. However, a notice of an action that relates only to an equitable interest does not cause a registered circumstance to exist under an item of the table.
The registrable event day for a register notice under this section is the day on which the foreign person takes the notifiable action.
Application—Register commencement day
This section applies to actions taken on or after the Register commencement day.
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