130ZIForeign person takes action that is a significant action under section 41—businesses

130ZI Foreign person takes action that is a significant action under section 41—businesses

(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 41, 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(i) a no objection notification or a notice imposing conditions has been given in relation to the action, and has not been revoked; or (ii) before the action was taken, the Treasurer gave the foreign person a notice under subsection 66A(4); or (b) the foreign person takes an action that is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 41, 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 41(5) (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 41.

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>41(2)(a) (acquiring direct interest in Australian business 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 business referred to in paragraph</span><span> </span><span>41(2)(a); or</span></p><p class="Tablea"><span>(b) the Australian business ceases to be an Australian business; or</span></p><p class="Tablea"><span>(c) the Australian business ceases to be carried on.</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>41(2)(b) (acquiring interests in assets of Australian business) 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 Australian business referred to in paragraph</span><span> </span><span>41(2)(b); or</span></p><p class="Tablea"><span>(b) the Australian business ceases to be an Australian business; or</span></p><p class="Tablea"><span>(c) the Australian business ceases to be carried on.</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>3</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>41(2)(c) (entering or terminating significant agreement with Australian business) applies to the action, and the action consists of the foreign person entering a significant agreement mentioned in that paragraph.</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 agreement mentioned in paragraph</span><span> </span><span>41(2)(c) ceases to be in force; or</span></p><p class="Tablea"><span>(b) the agreement ceases to be a significant agreement; or</span></p><p class="Tablea"><span>(c) the foreign person ceases to be a party to the agreement; or</span></p><p class="Tablea"><span>(d) the Australian business referred to in that paragraph ceases to be an Australian business; or</span></p><p class="Tablea"><span>(e) the Australian business ceases to be carried on.</span></p></td></tr></tbody></table>