77DOrders relating to void acquisitions

77D Orders relating to void acquisitions

(1) This section applies if an acquisition:

(a) is void to any extent by force of subsection 45AZA(2); or

(b) would be void to any extent by force of that subsection apart from an order under this section.

(2) The Federal Court may, on the application of the Commission or any other person, make any of the following orders that the Court believes appropriate:

(a) an order that subsection 45AZA(2) is to be taken not to apply, and never to have applied, to the acquisition;

(b) such other order as the Court believes appropriate (including, if the Court does not make any order under paragraph (a), such other order as the Court believes appropriate to give effect to the voiding or to deal with the consequences of the voiding).

(3) The application may be made:

(a) at any time no later than 6 years after the acquisition was put into effect or purportedly put into effect; or

(b) at a later time:

(i) with the leave of the Court and subject to any conditions imposed by the Court; and

(ii) so long as the application is only for an order to deal with the consequences of the voiding.

(4) Before making an order under paragraph (2)(a), the Court must have regard to the seriousness of the related contravention of section 45AY, including the effect of the contravention on persons who are not parties to the acquisition.

(5) If an application is made under subsection (2) by a person other than the Commission:

(a) the Court must give a copy of the application to the Commission; and

(b) the Commission may intervene in the proceedings on the application.

(6) If the Commission intervenes in a proceeding under paragraph (5)(b), the Commission is taken to be a party to the proceeding and has all the rights, duties and liabilities of such a party.