Fisheries Management (General) Regulation 2019
99Persons prohibited from holding shares
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99 Persons prohibited from holding shares
99 Persons prohibited from holding shares
(1) For the purposes of section 49 (2) of the Act, the following persons and bodies are prohibited from holding shares in a share management fishery—
(a) a foreign person or a foreign-owned body,
(b) a subsidiary (within the meaning of the Corporations Act 2001 of the Commonwealth) of a foreign person or of a foreign-owned body.
(2) In addition, a person is prohibited from holding shares in a share management fishery if the Minister is satisfied that the person is holding the shares on behalf of, or for the benefit of, a person who is prohibited by this clause from holding shares in a share management fishery.
(3) Shares in a share management fishery may not be issued by the Minister to a person who is prohibited by this clause from holding shares or be recorded in the Share Register.
(4) The Minister is to cancel any shares held by a person prohibited by this clause from holding shares. However, the Minister may allow the person to dispose of the shares in accordance with Part 3 of the Act.
(5) In this clause—
foreign person means a person other than—
(a) an individual ordinarily resident in Australia (within the meaning of the Foreign Acquisitions and Takeovers Act 1975 of the Commonwealth), or
(b) a company or an exempt body (within the meaning of the Corporations Act 2001 of the Commonwealth).
foreign-owned body means a body corporate that has a substantial foreign ownership.
(6) For the purposes of this clause, a body corporate has a substantial foreign ownership if the Minister is satisfied that more than 20% of its total paid-up share capital is held by foreign persons or (if it does not have a share capital) that foreign persons are in a position to control more than 20% of the voting power in the body.
(7) For the purposes of this clause, the Minister may have regard to any relevant provisions of the Corporations Act 2001 of the Commonwealth for the purposes of determining whether a person has an interest in shares or voting power in a body corporate.