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This is a Bill, not an Act. For current law, see the Acts databases.
FOREIGN ACQUISITIONS AND TAKEOVERS AMENDMENT (CUBBIE STATION) BILL 2012
2010-2011-2012
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Foreign Acquisitions and Takeovers
Amendment (Cubbie Station) Bill 2012
No. , 2012
(Mr Katter)
A Bill for an Act to amend the Foreign Acquisitions
and Takeovers Act 1975, and for related purposes
i Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Bill 2012 No. ,
2012
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Amendments
3
Foreign Acquisitions and Takeovers Act 1975
3
Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Bill 2012 No. , 2012
1
A Bill for an Act to amend the Foreign Acquisitions
1
and Takeovers Act 1975, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Foreign Acquisitions and Takeovers
5
Amendment (Cubbie Station) Act 2012.
6
2 Commencement
7
This Act commences on the day after this Act receives the Royal
8
Assent.
9
2 Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Bill 2012 No. ,
2012
3 Schedule(s)
1
Each Act that is specified in a Schedule to this Act is amended or
2
repealed as set out in the applicable items in the Schedule
3
concerned, and any other item in a Schedule to this Act has effect
4
according to its terms.
5
6
Amendments Schedule 1
Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Bill 2012 No. , 2012
3
Schedule 1--Amendments
1
2
Foreign Acquisitions and Takeovers Act 1975
3
1 Subsection 1(1)
4
Insert:
5
Cubbie Station means the area of land known, on 26 November
6
2012, as Cubbie Station.
7
2 After section 14
8
Insert:
9
14A Cubbie Station: meaning of control
10
(1) Cubbie Station is controlled by foreign persons if:
11
(a) a corporation that owns Cubbie Station, or a holding
12
corporation of such a corporation, is controlled (within the
13
meaning of subsection 18(7) or paragraph 20(5)(a)) by
14
foreign persons; or
15
(b) an Australian business of operating Cubbie Station, or a
16
holding corporation of a corporation that carries on such a
17
business, is controlled (within the meaning of subsection
18
19(7), paragraph 20(5)(b) or subsection 21(5)) by foreign
19
persons.
20
(2) Subsection (1) does not limit the circumstances in which Cubbie
21
Station may be controlled, directly or indirectly, by foreign
22
persons for the purposes of this Act.
23
14B Cubbie Station: anti-avoidance
24
A reference in this Act to Cubbie Station being controlled, directly
25
or indirectly, by foreign persons includes a reference to any area of
26
land that is part of Cubbie Station being so controlled, if the
27
Treasurer has reason to believe that control of that part of Cubbie
28
Station is an element of a scheme to avoid the application of a
29
provision of this Act that refers to Cubbie Station.
30
3 After subsection 18(2)
31
Schedule 1 Amendments
4 Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Bill 2012 No. ,
2012
Insert:
1
(2A) The Treasurer must make an order under subsection (2) in relation
2
to a proposed acquisition or acquisition, or a proposed issue, of
3
shares in a corporation if:
4
(a) paragraphs (2)(a) and (b) apply in relation to the proposal;
5
and
6
(b) a consequence of the control by foreign persons referred to in
7
paragraph (2)(b) is that Cubbie Station would be controlled,
8
directly or indirectly, by foreign persons.
9
4 After subsection 18(4)
10
Insert:
11
(4A) The Treasurer must make an order under subsection (4) in relation
12
to an acquisition of shares in a corporation if:
13
(a) paragraph (4)(a) applies in relation to the acquisition; and
14
(b) a consequence of the control referred to in paragraph (4)(a) is
15
that Cubbie Station is controlled, directly or indirectly, by
16
foreign persons.
17
5 After subsection 19(2)
18
Insert:
19
(2A) The Treasurer must make an order under subsection (2) in relation
20
to a proposed acquisition of assets of an Australian business if:
21
(a) paragraphs (2)(a) and (b) apply in relation to the proposal;
22
and
23
(b) a consequence of the control by foreign persons referred to in
24
paragraph (2)(b) is that Cubbie Station would be controlled,
25
directly or indirectly, by foreign persons.
26
6 After subsection 19(4)
27
Insert:
28
(4A) The Treasurer must make an order under subsection (4) in relation
29
to an acquisition of assets of an Australian business if:
30
(a) paragraph (4)(a) applies in relation to the acquisition; and
31
(b) a consequence of the control referred to in paragraph (4)(a) is
32
that Cubbie Station is controlled, directly or indirectly, by
33
foreign persons.
34
Amendments Schedule 1
Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Bill 2012 No. , 2012
5
7 After subsection 20(2)
1
Insert:
2
(2A) The Treasurer must make an order under subsection (2) in relation
3
to a proposed entry into an agreement in relation to the affairs of a
4
corporation, or a proposed alteration of a constituent document of a
5
corporation, if:
6
(a) paragraphs (2)(a), (b) and (c) apply in relation to the
7
proposal; and
8
(b) a consequence of the control by foreign persons referred to in
9
paragraph (2)(c) is that Cubbie Station would be controlled,
10
directly or indirectly, by foreign persons.
11
8 After subsection 20(3)
12
Insert:
13
(3A) The Treasurer must make an order under subsection (3) in relation
14
to an agreement in relation to the affairs of a corporation, or an
15
alteration to a constituent document of a corporation, if:
16
(a) paragraph (3)(a) applies in relation to the result of the
17
agreement or alteration; and
18
(b) a consequence of the control referred to in paragraph (3)(a) is
19
that Cubbie Station is controlled, directly or indirectly, by
20
foreign persons.
21
9 After subsection 21(2)
22
Insert:
23
(2A) The Treasurer must make an order under subsection (2) in relation
24
to a proposed entry into, or termination of, an arrangement in
25
relation to an Australian business if:
26
(a) paragraphs (2)(a) and (b) apply in relation to the proposal;
27
and
28
(b) a consequence of the control by foreign persons referred to in
29
paragraph (2)(b) is that Cubbie Station would be controlled,
30
directly or indirectly, by foreign persons.
31
10 After subsection 21(3)
32
Insert:
33
Schedule 1 Amendments
6 Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Bill 2012 No. ,
2012
(3A) The Treasurer must make an order under subsection (3) in relation
1
to an arrangement entered into, or terminated, in relation to an
2
Australian business if:
3
(a) paragraph (3)(a) applies in relation to the entering into, or
4
termination, of the arrangement; and
5
(b) a consequence of the control referred to in paragraph (3)(a) is
6
that Cubbie Station is controlled, directly or indirectly, by
7
foreign persons.
8
11 Transitional provision--mandatory rejection of foreign
9
control of Cubbie Station
10
(1)
If, before this Act commences:
11
(a) the Treasurer has made a decision under subsection 25(1A)
12
of the Foreign Acquisitions and Takeovers Act 1975,
13
deciding that the Commonwealth Government has no
14
objection to a proposal; and
15
(b) a consequence of the proposal would be that Cubbie Station
16
would be controlled, directly or indirectly, by foreign
17
persons; and
18
(c) the proposal has not been carried out;
19
the Treasurer must:
20
(d) revoke the decision; and
21
(e) make an order under subsection 18(2), 19(2), 20(2) or 21(2)
22
of the Foreign Acquisitions and Takeovers Act 1975 in
23
relation to the proposal.
24
(2)
If, before this Act commences:
25
(a) the Treasurer has made a decision under subsection 25(1A)
26
of the Foreign Acquisitions and Takeovers Act 1975,
27
deciding that the Commonwealth Government has no
28
objection to a proposal; and
29
(b) a consequence of the proposal was that Cubbie Station would
30
be controlled, directly or indirectly, by foreign persons; and
31
(c) the proposal has been carried out;
32
the Treasurer must, despite the decision under subsection 25(1A) and
33
despite subsection 25(1D), make an order under subsection 18(4), 19(4),
34
20(3) or 21(3) of the Foreign Acquisitions and Takeovers Act 1975 in
35
relation to the result of the proposal.
36
Amendments Schedule 1
Foreign Acquisitions and Takeovers Amendment (Cubbie Station) Bill 2012 No. , 2012
7
(3)
An action the Treasurer is required to take under this item must be taken
1
no later than 7 days after the day on which this Act commences.
2