Commonwealth Numbered Acts

FOREIGN ACQUISITIONS AND TAKEOVERS AMENDMENT ACT 2010 (NO. 1, 2010) - SCHEDULE 2

1  Transitional--arrangements entered into between 12 February 2009 and commencement

(1)        This item applies if:

                     (a)  a person enters into an arrangement in the period:

                              (i)  starting on 12 February 2009; and

                             (ii)  ending on the day on which this item commences; and

                     (b)  by entering into the arrangement, the person:

                              (i)  would not have committed an offence under subsection 26(2) or 26A(2) of the Foreign Acquisitions and Takeovers Act 1975 (disregarding the amendments made by Schedule 1 to this Act); and

                             (ii)  would (apart from subitem (2)) have committed an offence under subsection 26(2) or 26A(2) of the Foreign Acquisitions and Takeovers Act 1975 (as amended by Schedule 1 to this Act).

Note:       The amendments in Schedule 1 are taken to have commenced on 12 February 2009.

(2)        The person is taken not to have committed the offence mentioned in subparagraph (1)(b)(ii).

(3)        Section 25 of the Foreign Acquisitions and Takeovers Act 1975 applies to the arrangement as if:

                     (a)  the arrangement were still a proposed arrangement; and

                     (b)  paragraphs (1C)(b), (1D)(b) and (2)(b) and subparagraph (3)(c)(ii) of that section were omitted.

(4)        Without limiting section 27 of that Act, a form prescribed for the purposes of that section may deal with notification of an arrangement to which this item applies.

2  Transitional--requirement to give notice after commencement of certain pre‑commencement arrangements

A person commits an offence if:

                     (a)  the person enters into an arrangement in the period:

                              (i)  starting on 12 February 2009; and

                             (ii)  ending on the day on which this item commences; and

                     (b)  by entering into the arrangement, the person:

                              (i)  would not have committed an offence under subsection 26(2) or 26A(2) of the Foreign Acquisitions and Takeovers Act 1975 (disregarding the amendments made by Schedule 1 to this Act); and

                             (ii)  would (apart from subitem 1(2)) have committed an offence under subsection 26(2) or 26A(2) of the Foreign Acquisitions and Takeovers Act 1975 (as amended by Schedule 1 to this Act); and

                     (c)  the person does not give the Treasurer a notice having effect for the purposes of section 25 of that Act in respect of the arrangement within 30 days after the day on which this item commences.

Penalty:  500 penalty units or imprisonment for 2 years, or both.

[ Minister's second reading speech made in--

House of Representatives on 20 August 2009

Senate on 26 November 2009 ]