130ZHForeign person takes action that is a significant action under section 40—entities

130ZH Foreign person takes action that is a significant action under section 40—entities

(1) A foreign person must give a register notice to the Registrar if: (a) the foreign person takes an action that is a significant action under section 40, and: (i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or (ii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4); or (b) the foreign person takes an action that is a significant action under section 40, and: (i) before the action was taken, the foreign person gave a notice to the Treasurer stating that the action was proposed to be taken; and (ii) if the condition in subsection 40(6) (change in control) was required to be met in order for the action to be a significant action—the foreign person is aware, or ought reasonably to be aware, that that condition is met in relation to the action; or (c) a no objection notification or a notice imposing conditions is given in relation to an action of the foreign person that: (i) has already been taken; and (ii) was a significant action under section 40.

Note: This section applies to actions taken on or after the Register commencement day (see subsection (5)).

(2) 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.

<table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.6pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>When registered circumstances exist and cease</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Item</span></p></td><td style="width:123.35pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>A registered circumstance under this section exists in relation to the foreign person if …</span></p></td><td style="width:173.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>The registered circumstance ceases if …</span></p></td></tr></thead><tbody><tr><td style="width:24.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:123.35pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>paragraph</span><span> </span><span>40(2)(a) (acquiring direct interest in Australian entity that is an agribusiness) applies to the action.</span></p></td><td style="width:173.75pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the foreign person no longer holds an interest of any percentage in the Australian entity referred to in paragraph</span><span> </span><span>40(2)(a); or</span></p><p class="Tablea"><span>(b) the Australian entity ceases to be an Australian entity; or</span></p><p class="Tablea"><span>(c) the Australian entity ceases to exist.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:123.35pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>paragraph</span><span> </span><span>40(2)(b) (acquiring interests in securities in entity) applies to the action.</span></p></td><td style="width:173.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the foreign person no longer holds an interest of any percentage in the entity referred to in paragraph</span><span> </span><span>40(2)(b); or</span></p><p class="Tablea"><span>(b) the entity no longer meets the condition in subsection</span><span> </span><span>40(4); or</span></p><p class="Tablea"><span>(c) the entity ceases to exist.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:123.35pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>paragraph</span><span> </span><span>40(2)(c) (issuing securities in entity) applies to the action.</span></p></td><td style="width:173.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) all of the securities mentioned in paragraph</span><span> </span><span>40(2)(c) cease to exist; or</span></p><p class="Tablea"><span>(b) the entity mentioned in that paragraph no longer meets the condition in subsection</span><span> </span><span>40(4); or</span></p><p class="Tablea"><span>(c) the entity ceases to exist.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>4</span></p></td><td style="width:123.35pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>paragraph</span><span> </span><span>40(2)(d) (entering into agreement relating to affairs of entity) applies to the action.</span></p></td><td style="width:173.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the agreement mentioned in paragraph</span><span> </span><span>40(2)(d) ceases to be in force; or</span></p><p class="Tablea"><span>(b) the foreign person ceases to be a party to the agreement; or</span></p><p class="Tablea"><span>(c) the agreement ceases to result in the obligation mentioned in subparagraph</span><span> </span><span>40(2)(d)(ii); or</span></p><p class="Tablea"><span>(d) the entity mentioned in paragraph</span><span> </span><span>40(2)(d) no longer meets the condition in subsection</span><span> </span><span>40(4); or</span></p><p class="Tablea"><span>(e) the entity ceases to exist.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>5</span></p></td><td style="width:123.35pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>paragraph</span><span> </span><span>40(2)(e) (altering constituent documents of entity) applies to the action.</span></p></td><td style="width:173.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the document mentioned in paragraph</span><span> </span><span>40(2)(e) ceases to be in force; or</span></p><p class="Tablea"><span>(b) the document ceases to produce the result mentioned in that paragraph; or</span></p><p class="Tablea"><span>(c) the entity mentioned in that paragraph no longer meets the condition in subsection</span><span> </span><span>40(4); or</span></p><p class="Tablea"><span>(d) the entity ceases to exist.</span></p></td></tr></tbody></table>